Steelmaker and scrap metal recycler Nucor Corp., Charlotte, N.C., manufactures carbon and alloy steel in bars, beams, sheet and plate, steel joists and joist girders, steel deck, cold-finished steel, steel fasteners, metal building systems and light-gauge steel framing. In 2004, the company recycled approximately 17 million tons of scrap steel, 5 million of which were from automobiles. Nucor produces steel by melting scrap metal in electric arc furnaces. The company has operating facilities in 16 states where it produces steel products for service centers, manufacturers, and fabricators, and company divisions use the balance of the steel.
History
Nucor traces its origins back to 1904 when Ransom E. Olds started the Reo Motor Car Co. Reo eventually became the Nuclear Corporation of America. During the 1950s and early 1960s, the company was involved in the nuclear instrument and electronics business. Faced with bankruptcy in 1964, the company decided to rebuild itself around the most profitable operations, its Vulcraft steel joist businesses in Florence, S.C., and Norfolk, Neb. In 1966, the company moved its headquarters from Phoenix to Charlotte, N.C. Two years later, the company built its first steel bar-mill in Darlington S.C. Since then, Nucor has built three more Vulcraft facilities, eight steel mills and expanded into other steel products. In 2002, the company acquired the Birmingham Steel Corp, which includes four operating mills in Alabama, Illinois, Mississippi and Washington.
Officers
Daniel DiMicco has served as Nucor's president, director and CEO since 2000. He was elected the company's vice chairman in June 2001. Previously, DiMicco served as an executive vice president of Nucor from 1999 to 2000 and vice president from 1992 to 1999. CFO Terry Lisenby, who began his career with Nucor in 1985, served as vice president and corporate controller of Nucor from 1991 to 1999 before assuming the CFO role in 2000. John Ferriola, Hamilton Lott Jr., Joseph Rutkowski and D. Michael Parrish serve as the company's executive vice presidents.
In The News: Better Than Expected
Even though Nucor's third-quarter earnings for 2005 fell 30%, the company finished well ahead of Wall Street estimates, Reuters reported on Oct. 20.
"We... expect Nucor can again outperform in the fourth quarter and perhaps beyond," UBS analyst Timna Tanners told Reuters. "While we agree with Nucor's assessment of its risks, we believe imports can remain muted through the first half of 2006 and are encouraged by industrial demand."
The company expects the domestic steel industry to remain strong through the fourth quarter of 2005 and the first quarter of 2006, barring any significant rise in import levels, energy costs and a major slowdown in the economy.
-- Compiled By Jonathan Katz. This appeared in IW's Dec. 16, 2005 issue.
Primary Industry
Primary Metals
Executive 1
Daniel R. DiMicco, Vice-Chmn., Pres., CEO
Executive 2
Terry S. Lisenby, Exec. VP, CFO, Treas.
Revenues (US$ Millions)
11376.83
Revenue Growth (%)
81.57
Earnings Per Share (US$)
7.02
Total Equity (US$ Millions)
3455.98
Profit Margin (%)
9.86
Return On Equity (%)
47.88
Debt To Equity Ratio (%)
0.27
Market Capitalization (US$ Millions)
8348.86
Revenue Growth (%)
81.57
Note: Financial data appeared in IW's August 2005 issue.
IW 50 Best Manufacturing Company
