Nucor: A Moral Company Essay

994 words - 4 pages

The history of Nucor starts with Ransom E. Olds. Olds, founder of Oldsmobile, created Reo Motor Cars in the early part of the twentieth century. In 1955 Reo Motor Cars was dissolved to form the Nuclear Corporation of America (NCA). NCA was comprised of a number of different companies, none of which did particularly well.From 1955 to 1965 NCA had eight money-losing years leading to a reorganization of the company and the appointment of Kenneth Iverson as president. Iverson, along with Vice President Samuel Siegel decided to divest NCA's money losing business and rebuild the company around its only profitable organization--the steel joist business. In 1972 NCA formally adopted Nucor as the company name.Today Nucor is one of the worlds leading steel manufacturing companies. With 25 divisions in 13 states, Nucor and its subsidiaries distribute steel and steel related products to over a dozen countries worldwide. These divisions, which are split according to their type of manufacture (steel joist, steel mills, miscellaneous), gross over $6 billion annually. In 2003, Nucor sold over 15,000 tons of steel and grossed nearly $750 million. Nucor's head office is located in Charlotte, N.C. and headed by Vice Chairman, President and CEO Daniel R. DiMicco.What makes Nucor so productive and profitable is its relationship with its employees. Nucor is recognized as one of the nations leading corporations for employee satisfaction. This is thanks to Ken Iverson who, when he became president, established Nucor's four principles. These principles were intended to help and improve the working conditions of the employees. These four principles are still the cornerstone on Nucor's employer/employee relationship. The four principles are:1. Management is obligated to manage Nucor in such a way that employees will have the opportunity to earn according to productivity.2. Employees should feel confident that if they do their jobs properly, that they will have a job tomorrow.3. Employees have the right to be treated fairly.4. Employees must have an avenue to appeal when they believe they are being treated unfairly.Nucor approaches its employees on an equalitarian like level with all its employees receive the same fringe benefits. Nucor has no company cars or reserved parking. There are no executive dining facilities or restrooms. Even the insurance plan groups every employee from the CEO down to a factory assembly worker receiving the exact same coverage.Perhaps the most comforting thought that employees get from working for Nucor is a strong sense of job security. Unlike most American companies, Nucor does not operate on an employment-at-will policy. This is an unwritten common law that assumes that the American employer has the ability to hire, fire, promote and demote at will. Nucor affirms their principle of job security even when times get tough.In the early 90s' Nucor along with the rest of the economy experienced a fairly substantial recession. Many companies laid...

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