Nucor steel
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Transcript of Nucor steel
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Case Study on Nucor corporation
Group5Dhaval DesaiPrachi SrivastavaRitesh ShangleShobhit MishraVarun Kedia
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Nucor – Building a Nation
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An Illustrious History1965: Ken Iverson takes over after company
files for bankruptcy.
1969: Nuclear Corporation opens 1st mini-mill in S. Carolina.
1974-1979 – Production Tripled and Sales Doubled
1986: Entry into fasteners - new plant at St Joe, Indiana.
2002: Nucor acquires Birmingham Steel
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Production facilities in more than 14 states and in Trinidad
2011: Investment in 3m ton iron-making facility in Louisiana.
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Nucor – A Shining star in US Steel Industry
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Nucor’s USP – It’s Culture
No hierarchical barriers
Trust and Teamwork
Minimal Management Interference
High Tolerance Levels for failures
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Nucor’s Mantra for SuccessHard-Work
Equality
Spirit of Innovation
Principles of Employee Relations
Unmatched Reward System
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Reward System
Pay directly linked with Productivity
Fostered healthy competition among plants
Profit Sharing plan with a deferred trust
Scholarship of $1000 to each child of an employee
Scholarships for higher education
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Nucor Principles
Opportunity to earn according
to their productivity
Feel confident about the job if
they do it properly
Should be treated fairly
Should have an avvenue to appeal
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Compensation Plans
Senior Officer Incentive Plan
Department Manager Incentive Plan
Production Incentive Plan
Professional and Clerical Bonus Plan
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Nucor – Valuing Employee Relations
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Nucor Recruitment SystemObjective : To recruit people with:
Right mindset
Excellent Communication skills
Ability to work without supervision
Goal-Reliance and Self-Reliance
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Nucor Career Path
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Nucorizing Process
Specialized Induction Process for the new
employees aimed at:
Introducing Nucor’s culture to the new employees
Briefing them about the company’s bonus plans
Emphasizing on induction by existing employees and not the management
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Nucor’s Secrets behind a Winning WorkforcePay directly related to
productivity
Source : uic.edu
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Unions – Sorry we don’t have themSince its Inception – Nucor has never had
any unionsor attempts to form the same due :
Performance based pay package
Emphasis on adhering to production schedules
No Unreasonable Layoffs ever in Nucor history
Strong sense of Camaraderie among employees
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