This website uses cookies to ensure you have the best experience. Learn more

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...

Find Another Essay On Nucor: A Moral Company

Business in Nucor Essay

1492 words - 6 pages the organization has been brought into question. The recent announcement of a joint venture between Nucor and U.S. Steel to develop, test, and bring on line a new method for turning iron ore into steel added to the concern over the ability of company management to maintain the entrepreneurial spirit for which the company is famous. Background Nucor is the second largest steel producer (2nd in assets, 1st in profits) in the United States. Its

Nucor Case Study - Employee Motivation

958 words - 4 pages In any business organization, employee motivation is one of the biggest factors that can influence job productivity and worker's attitude. This in turn can affect the performance of the company which in turn influences the bottom line that ultimately determines the success and profitability of the business. Nucor, an American steel-making company, realizes the importance of employee motivation and as such, it builds a working model which

Nucor case study

1683 words - 7 pages huge role in the case , as Nucor knows that Equity plays an important role for employees. If an employee feels equally treated, he or she will sense fairness. If an employee feels they are treated unfairly, they may feel they are not being treated well enough. Thus when the company does not make enough profit or a bad batch of steel goes into market every one looses out on the bonus and profit sharing. By everyone I even mean the CEO and top

NUCOR In 2005 (Case Summary)

764 words - 4 pages .(pros) In 2003 there were changes in the board of the company since company was working with methods established by previous long-time leader Iverson. It would be very good to reevaluate the strategy of the company as it is new century with many global changes. Results of evaluation should be a base on what make or not to make changes in company strategy leaving all successful things and eliminating or improving weak ones.(pros) Nucor have been

badm 449 syllabus

6723 words - 27 pages produce quality goods and services at an attractive price. Finally, courses on Human Resource Management have been concerned with the effective development and management of a company's human assets. All of these functional disciplines play a critical role in the success of a company, but how do they fit together?In this capstone business course, we integrate these views together by taking the unique perspective of the situational problems of the

Good to Great by Jim Collins

1277 words - 6 pages Good to Great by Jim Collins is a book which illustrates an answer for the question whether a good company can turn into a great company. In this book, Jim Collins suggests the ways by which companies can outperform the market leaders. The author has certain list of companies like Abbot lab, Circuit city, Fannie Mae,Gillette,Kimberly Clarak,Kroger,Nucor steel, Philip Morris,Pitney Bowes,Walgreens and Wells Fargo. According to author good is

Should Harry Stonecipher have been forced to resign?

876 words - 4 pages Should Stonecipher have been forced to resign?Absolutely! Mr. Stonecipher was brought back to the company from retirement to effect mounds of negative publicity surrounding the company. Stonecipher's reputation preceded him, and he was well known as a just and upright person, with impeccable moral and ethical character. Additionally, he was known to be brass in conversation, but astute in his ability to upright wrong or failing companies.First

Ethical and Moral Philosophies

1276 words - 5 pages in determining the behavior of a business enterprise within its areas of operation, especially in decision- making process. Business ethics defines the relationship between employee-to-employee, employee-to-management as well as the company- business community relationship (Bartels, 2008). A business entity makes its decision majorly in accordance to its code of conduct. Moral philosophy influence decision making in business organizations through

Ethical and Moral Philosophies: Application to Business

1263 words - 5 pages practical degree in order to determine ways of disciplining employees who exhibit behaviors outside an organizations accepted norms and culture. Third, employee relations- moral philosophy enables a business enterprise to evaluate the continuous relations between employees and the management within the company, both in terms of ethical considerations and in terms of discipline, for instance, employee- manager relationship outside the

An Inward Corruption of an Outward Justification

995 words - 4 pages /newsletters/research-quarterly/v23n1.pdf> Manji, Irshad. “A Moral Compass Some Can’t Ignore”. The New York Times. The New York Times Company, 21. Apr. 2013. Web. 11 Feb.2013. Meyer, Michael. The Compact Bedford Introduction to Literature. Boston: St. Martin’s Press, 1997. Print. O'Connor, Frank. "Appendix 4: "Guests Of The Nation.." Close Readings: Analyses Of Short Fiction (2001): 286-298. Literary Reference Center. Web. 12 Feb. 2014

Philosophy Essay: Does it make sense to say individuals can create their own moral rules?

1374 words - 5 pages Encompassing a famous history, morality seems to serve a purpose in our world. So how did it begin? Initially, it was set up in society because our personal moral opinions began to clash with one another, and we needed to understand what is actually meant by something being "right" or "wrong." On this account, it seems that morality by birth, is something beyond individualistic judgements and perhaps universal and objective in nature. On the

Similar Essays

Nurcor In 2005 Essay

1027 words - 4 pages activities In relation to services Nucor’ plants are located next to consumers therefore limiting services of the service center. On sales and marketing, the company concentrates on marketing at the plant level and uses computers programs in the analysis of the market. Regarding operations, Nucor is a quality steel producing company in at a cost lower than its competitors and has specialized in diversified product mix made in line with the customer’s

Nucor Essay

732 words - 3 pages Business Summary and Strategy Nucor is the largest steel manufacturer in the United States. It remains a profitable company despite being in one of the most cyclical industries in the economy. Nucor enjoys this success for several reasons, employee relations, quality, productivity, and aggressive pursuit of innovation and technical excellence. Nucor's strategy is that of a low cost provider, they know they are selling a commodity and

Nucor At A Crossroads (Canada, Us; Railroad Equipment)

1025 words - 4 pages % afterwards. From the appendix we can see that the total initial investment is $410 million, and Nucor needs to have $185 cash at hand after the construction is completed (Case Nucor at Crossroads, p.14). Therefore, the company needs to borrow $225million to start-up, which results in a 27% debt-to-capital ratio, under the 30% company restriction (Case Nucor at Crossroads, p.10). (See Exhibit 1) Benefiting from the lowered cost, Nucor would earn a

Final Project Essay

1298 words - 6 pages stockholders and ultimately left his company Olds Motor Works. Later he formed REO Motor Company, which became the Nuclear Corporation and eventually Nucor. REO was successful until the end of the Korean War, when REO assets were merged with Nuclear Consultants and thus the formation of the Nuclear Corporation of America. With this merger Nuclear made two moves that changed the company and the steel industry. The first was acquiring a company named