Four state-of-the-art steel mills that used electric arc furnaces to produce new steel products from recycled scrap steel.

Four state-of-the-art steel mills that used electric arc furnaces to produce new steel products from recycled scrap steel.

In 2012, Nucor Corp., with a production capacity approaching 27 million tons, was the largest manufacturer of steel and steel products in North America and ranked as the 11th-largest steel company in the world based on tons shipped in 2011. It was regarded as a low-cost producer, and it had a sterling reputation for being a global leader in introducing innovative steelmaking technologies throughout its operations. Nucor began its journey from obscurity to a steel industry leader in the 1960s. Operating under the name of Nuclear Corporation of America in the 1950s and early 1960s, the company was a maker of nuclear instruments and electronics products. After suffering through several money-losing years and facing bankruptcy in 1964, Nuclear Corporation of America’s board of directors opted for new leadership and appointed F. Kenneth Iverson as president and CEO. Shortly thereafter, Iverson concluded that the best way to put the company on sound footing was to exit the nuclear instrument and electronics business and rebuild the company around its profitable South Carolina–based Vulcraft subsidiary that was in the steel joist business—Iverson had been the head of Vulcraft prior to being named president. Iverson moved the company’s headquarters from Phoenix, Arizona, to Charlotte, North Carolina, in 1966, and proceeded to expand the joist business with new operations in Texas and Alabama. Then, in 1968, top management decided to integrate backward into steelmaking, partly because of the benefits of supplying its own steel requirements for producing steel joists and partly because Iverson saw opportunities to capitalize on newly emerging technologies to produce steel more cheaply. In 1972, the company adopted the name Nucor Corporation, and Iverson initiated a long-term strategy to grow Nucor into a major player in the U.S. steel industry.

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