Nucor is UNIQUE. Back in 2000 I discovered a cassette tape about Nucor [as told by past president Ken Iverson] at the local library. Knowing it had long been listed among Socially Responsible companies, I did not hesitate to listen. I was impressed and ready to buy some Nucor stock, but the price had fallen recently so I called the company to find out why. In no time I was connected to the CEO, or CFO - someone in charge. [From what I had learned, this was not unusual] He simply stated that as a whole, the steel industry was depressed, but that Nucor was doing just fine. That was in 2000 and its been a solid investment.
What’s Nucor like? First of all they recycle. “Nucor alone recycles one ton of steel every two seconds, making it the largest recycler of any material in America -- more than the nation's entire aluminum can industry.” And they are committed to a clean environment: “Today, Nucor has ingrained into its culture the understanding that environmental stewardship is equal with all other businesses critical functions, and that environmental protection is the individual obligation of every Nucor employee.” [all quotes are from their website]
Then there is the company structure. They operate in about 35 rural locations across the country, with the greatest concentration in the south. “By selecting non-urban locations, Nucor has been able to establish strong ties to its local communities and its work force.” What seems most progressive about Nucor is its decentralization. Each mini-mill has a great deal of independence. Paperwork is kept to a minimum. There are only 5 levels of upper management. "President & CEO, Executive VP, General Manager, Dept Manager & Supervisory/Professional."
Workers are very happy. They are well paid. They can earn bonuses. They can talk to anyone including the President anytime. “Nucor takes an egalitarian approach in providing benefits to its employees. Senior executives do not enjoy traditional perquisites such as company cars, executive dining rooms, or executive parking places ... All employees have the same holidays, vacation schedules, and insurance programs.” Safety is sacred: “Our attitude toward safety couldn't be clearer: Safety is the TOP priority for every Nucor employee. Period.” “Nucor has not laid off a single worker due to lack of work.” Employees do not belong to a union .... Why would they?
Innovation. Nucor can’t be compared with other steel mills. They are leaner. Their processes are unique - State of the Art. Everyone is encouraged to try new things.
One last observation. I have the 2006 Annual Report here at my desk and the front and back covers contain 8 pages full of the names of all [c.17,000] employees in Nucor.
Very Green.
