🠈  Nucor  🠊

Nucor

Nucor is a producer of steel products with headquarters in Charlotte, North Carolina. They trade on the NYSE with the symbol NUE.

Subsidiaries include:

• Harris Steel (HarrisSteelCo.com)
• Harris Rebar (HarrisRebar.com)
• Nucor Fastener (Nucor-Fastener.com
• David J. Joseph Company (DJJ.com) a leading scrap metal broker
  • Rivers Metal Recycling (RMRecycling.com) in the Midwest
  • Texas Port Recycling (TexasPortRecycling.com) in Texas
  • Western Metals Recycling in the Mountain West.
  • Metal Recycling Services of North Carolina (MetalRecyclingServices.com)
  • Ferrous Processing & Trade Company (FPTScrap.com)
  • Advantage Recycling in Kasas City (advantagerecycling.com).
• Skyline Steel is a steel distribution service (NucorSkyline.com)

Nucor has a rather interesting history. The company was founded by Ransom E. Olds who left his namesake company Olds Motor Vehicle Company to create the REO Motor Car Company. The most famous model from REO was the REO Speed Wagon.

REO Motors declared bankruptcy in 1954 and sold its factories. Activist shareholders wanted to keep the corporation alive. They acquired a company called Nuclear Consultants, Inc. and changed the corporate name to Nuclear Corporation of America Inc. with offices in the Empire State building.

Nuclear consulting didn't work out; so they tried the conglomerate model and purchased including the steel fabricator Vulcraft Corporation.

The company went bankrupt again in 1965. They shed everyhting but the steel fabrication. There were many steel fabricators. The fabricators were at the mercy of the steel producers; so the company leveraged everything and bought an electric arc furnace and began producing steel and the company became a penny stock.

The gamble paid off. In 1972. The company took the name Nucor and it has been molten metal ever since.

Corporate History

I am putting corporate events of companies in a list format as I think this is an easy way to track mergers and acquisitions.

• 1905: Ransom E. Olds left the Olds Motor Vehicle Company to create REO Motor Car Company
• 19??: The company introduced the REO Speed Wagon.
• 1954: REO filed bankruptcy and sold its production facilities.
• 1955: Activist shareholders sought to save the equity. REO acquired Nuclear Consultants, Inc. and changed name to Nuclear Corporation of America Inc..
• 19??: The company moved its headquarters to Phoenix and it became a conglomerate.
• 1962: The company acquired a steel fabricator called Vulcraft.
• 1968: Company built an electic-arc furnace for steel production in Darlington, SC and the stock tumbled to just pennies.
• 1972: The company changed its name to Nucor.
• 2000: A joint venture (47.5% by Nucor, 47.5% by BlueScope, 5% by IHI Corporation) created a continuous casting process called Castrip which rolls out sheet steel from the furnace ... reducing energy consumption.
• 2001: Nucor acquired Auburn Steel.
• Nucor had gone 36 years without acquiring other companies, then went on a buying binge.
• 2002: Nucor acquired Birmingham Steel.
• 2004: Nucor acquired Corus Tuscaloosa.
• 2005: Nucor acquired Fort Howard Steel.
• 2005: Nucor acquired Marion Steel.
• 2006: Nucor acquired Connecticut Steel.
• 2006: Nucor acquired Verco Decking.
• 2006: Nucor acquired Harris Steel for $1.07 billion.
  • 1950: Harris Steel Company was established in 1950 with operations in Skokie, Illinois.
• 2007: Nucor Building Systems acquired Magnatrax.
• 2008; Norco formed a partnership with Duferco called Duferdofin - Nucor S.r.l with plants in Southern Europe and North Africa. (ref)
• 2008: Nucor acquired the scrap steel broker David J. Joseph Company.
  • 1863: German immigrant Joseph Joseph started trading in hide and furs. When his brother Samuel joined the firm took the name Joseph Joseph and Brothers Company.
  • 1885: The company switch from furs to scrap metal and expanded throughout the US.
  • 1921: the company became The David J. Joseph Company (DJJ).
  • 1975: SHV Holdings, N.V based in Utrecht, The Netherlands acquired DJJ.
  • 1996: DJJ acquired facilities of Atlas Steel of Salt Lake City and created Western Metals Recycling.
  • 1998: DJJ forms Rivers Metal Recycling in the Midwest.
  • 2005: DJJ acquired a property in Owensboro, Ky which became base of U-Pull-&-Pay self-service auto-part scrap yards.
  • 2006: DJJ acquired Northwest Recycling of Houston from WalNew and renamed it Texas Port Recycling.
• 2008: Nucor acquired Metal Recycling Services of North Carolina which it added to DJJ.
• 2008: Nucor acquired the assets of American Compressed Steel in Kansas City, Missouri of Secondary Resources, Inc. (ref)
• 2012: U-Pull-&-Pay acquired Pic-A-Part LLC of Indianapolis and Pull-A-Part Self-Serv Auto & Truck Parts LLC in Phoenix.
• 2012: Nucor acquired Skyline Steel LLC for approximately $605 million (Skyline Steel)
• 2014: Nucor acquired Gallatin Steel Company for approximately in Ghent, Kentucky $770 million (Gallatin).
• 2015: Nucor acquired assets in Orrville, Ohio, and Cartersville, Georgia from Gerdau Long Steel's Bright Bar. (ref)
• 2016: Nucor acquired a steel plate mill plant Longview, Texas from Joy Global for approximately $29 million. (ref)
• 2016: Nucor acquired Independence Tube Corporation for approximately $435 million. (ref)
• 2016: Nucor acquired Southland Tube with a facility in Birmingham, Al for $130 million. (ref)
• 2016: Nucor acquired Republic Conduit from Tenaris S.A. of Luxembourg for $335 million. (ref)
• 2017: Nucor acquired St. Louis Cold Drawn, Inc. which makes parts for automotive market.

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References:

1. Wikipedia - Nucor (Drawn 10/9/2019)
2. Market Watch - Nucor buys Harris (Drawn 10/9/2019)
3. Metal Recycling Services (Drawn 10/9/2019)

Directory Listings:

• Denver Color - Industry: Nucor Skyline Steel
• Box Elder County - Business: Nucor

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