Nucor Corporation: Innovation, Change, and Motivation Journey
Explore the fascinating history of Nucor Corporation, from its origins as REO Motor Company to its transformation into a steel industry powerhouse as Nucor. Witness pivotal moments like the bold move proposed by Kenneth Iverson that saved the company from bankruptcy in 1965 and how Nucor overcame challenges such as electrical grid failures with resilience and determination. Discover Nucor's commitment to innovation, change, and motivation that have shaped its success in the steel industry.
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Presentation Transcript
Nucor Corporation: Innovation, Change, and Motivation Bryan, Matthew, John and Brandon
Who is Nucor? https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi0vLWu3ozLAhVIr4MKHUJJDjEQjRwIBw&url=http%3A% 2F%2Fwww.corporate-ethics.org%2Fnucor-building-a-performance-based-culture-3%2F&psig=AFQjCNEt6y6wReqdFKoENxQ7S56RuE27RA&ust=1456277427804838 http://www.nucor.com/story/chapter1/ http://www.nucorbuildingsystems.com/green/recycling.html
Ransom E Olds In 1905, Ransom E. Olds, creator of the Oldsmobile, had a dispute with stockholders and left his own company Olds Motor Works. He soon formed REO Motor Company, which evolved into the Nuclear Corporation of America. https://en.wikipedia.org/wiki/File:Olds2.jpg "Ransom Eli Olds". Encyclop dia Britannica. Encyclop dia Britannica Online. Encyclop dia Britannica Inc., 2016. Web. 23 Feb. 2016 <http://www.britannica.com/biography/Ransom-Eli-Olds>.
Steel Transformation In 1965, faced with bankruptcy, Kenneth Iverson proposes that the corporation move into the steel industry. http://www.historync.org/images/laureates/iverson1.jpg
Steel Transformation By 1971, Nuclear Corporation of America shed most of its conglomerates to focus on the steel industry. The company has now elected to change its name to Nucor. http://www.simplysafedividends.com/wp-content/uploads/2016/01/NUE-Dividend- Stock-e1453401876890.png
Nucor Case 17.1 Emergency Call: Electrical grid failure at the Hickman, AR facility http://www.nucorar.com/Nar_System_Nucor_Mills_Jpg/Aah%20Nucor%20Steel%20DS C02617.jpg
Nucor Case 17.1 Emergency Call: Electrical grid failure at the Hickman, AR facility Malcolm McDonald- electrician from Decatur, AL (travelling from IN) Les Hart- electrician from Herford County, NC Bryson Trumble- electrician from Herford County, NC
Nucor Case 17.1 Emergency Call: Electrical grid failure at the Hickman, AR facility The team worked 20 hour shifts, slept in the facility substation to get the grid fixed in three days instead of the full week that was projected. Executive VP John J. Ferriola Happens Daily!
Nucor Case 17.1 Nucor headquarters is under 95 people, with just five layers of management. Teammates not managers drive our success. http://www.nucor.com/story/chapter4/
Nucor Case 17.1 Pay Equality. https://www.glassdoor.com/research/ceo-pay-ratio/
Nucor Case 17.1 Nucor more closely resembles a family of smaller companies than it does a Fortune 500. Each facility has a great amount of freedom in running its own operations and meeting its customers needs. From product procurement and setting production goals to creating and administering safety programs, the buck stops with the general manager of each operation.
Nucor Case 17.1 How would you describe the culture of Nucor? We care about our teammates, our customers, the environment and the communities in which we live and work. It s not just our way of doing business; it s our nature. - John Ferriola Owner/Operator mentality Teamwork
Nucor Case 17.1 Why is the type of executive pay practice at Nucor not found in many other companies? Performance vs. Luck Beyond the norm Comparison s with other companies
Nucor Case 17.1 If innovative solutions to problems are needed at Nucor, how do you think they will emerge? That is, will internal or external forces bring about the needed innovations? Employee Empowerment = Ideas External Forces Competitors Market Prices Raw Materials Cost Economic Stability
Nucor Case 17.1 SWOT Industry Leader Financially Stable Risk Taking Culture Loyal Workforce
Nucor Case 17.1 SWOT Little Global Presence Domestic Dependance Heavy External Influence
Nucor Case 17.1 SWOT Domestic Expansion Employee innovation R & D
Nucor Case 17.1 SWOT Competitors Rising Production Costs Strategic Locations
Nucor Case 17.1 Recommendations Continue expansions within the U.S. Use frontline employee innovations to prevent product overlap Keep the company culture as constant as possible
