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HRM Issues and Diversification Strategies of Nucor Corporation - Case Study Example

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"HRM Issues and Diversification Strategies of Nucor Corporation" paper examines the human resources strategies of Nucor Corporation, leading steel manufacturers in the steel industry. Even though, steel-making is an old industry but is at present going through quick transformations…
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HRM Issues and Diversification Strategies of Nucor Corporation
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Download file to see previous pages The cyclical nature of the steel industry is too demanding for numerous business owners. Nucor has undeniably come through this business cycle to sustain an affirmative profit edge in each quarter since 1966 (Boyd & Gove, 2000). In spite of their discouraging entrance in the steel industry, Nucor Corporation has become a benchmark for both the U.S. steel industry and the U.S. industry in general. It is one of the fastest-growing and most resourceful steel producers around the globe. Regardless of the decreasing demand for steel, Nucor’s expansion has been exceptional; the company is among the top producers of steel in the U.S. Without a Research and Development department, Nucor has constantly accomplished technological achievements other steel producers considered unattainable.

Even though the steel industry has become stable in numerous ways but a number of emerging trends have impacted the U.S. steel mills and the Nucor Corporation. After the advent of the minimills in the 1960s, the plants of the steel mills produced steel on a much smaller scale as compared to the integrated mills. Also, the minimills used low-cost electric arc furnaces to melt scrap steel and cast the molten metal directly into a variety of steel products at extremely low costs (Johnson, 2008).

Another industry trend affecting the steel industry and the Nucor Corporation was the increase in imports of low-priced steel from foreign countries. Numerous foreign steel producers, anxious to keep their mills running and findings few good marketing opportunities elsewhere had begun selling in the U.S market at the cut-prices rate in 1997-1999 (Boyd & Gove, 2000). Nucor and other U.S companies lowered their rates to better compete and several filed unfair trade complaints against foreign steelmakers. In March 2002 the U.S. government imposed tariffs up to 30 percent on the imports of selected steel products to help provide relief from Asian and European companies dumping steel in the United States at ultra low-prices (Boyd & Gove, 2000). ...Download file to see next pagesRead More
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