The Strategies of Nucor Corporation - Essay Example

Textbook: Analyse the case ‘Nucor’ in 2005. (Ref: Hitt et al. (2007), Strategic Management, 7th Ed. Thompson, Mason, OH., C-23, p.246-268 Detailedcomments: Kindly refine the paper according to 4 questions asked. And improve the written English. 1. Using appropriate strategic analytic tools, conduct an external and internal analysis of Nucor. Discuss the key strategic strengths and weaknesses of Nucor. 2. Relate your findings in the above analysis to the chief elements of Nucor’s strategy. What evidence is there to indicate that the strategy is or is not working as well as it might? 3. What are the key lessons learnt so far? Q3 hints At this point in the paper you should have become aware of: - the importance of establishing a successful culture, - the importance of investing in continual innovation, and - the importance of the leadership of the company in establishing and maintaining a company culture that is effective as a competitive weapon. Plus - the importance of carrying out detailed strategic analysis in order to properly understand all of the various elements that are affecting a company’s position at a point of time. - the importance of clearly identifying and understanding the strategies that the company is following in order to be able to maintain focus on those strategies and align all of the company’s activities to achieve them; the need to identify and sustain the company’s competitive advantages if the company is going to be able to maintain its market share. 4. If you were appointed as the CEO for Nucor, what new initiatives would you implement to sustain the continuing success in Nucor? Q4 hints: - urgently expand globally (to maintain eco’s of scale, market position, match major competitors) - New production and distribution/joint ventures in Asia/India/China + large marketing effort - expand HQ staff and Board members with Asian and overseas cultural experience - expand R & D capacity, preferably inhouse, target better, cheaper products. the key to remaining cost competitive and developing new and improved products for the market place - seek out new market segments, both in USA and overseas (users of steel products) - enter substitutes production and distribution (e.g. aluminium, new alloys) Following analysis tools to explore Nucor corp. External - Pestel analysis External - 5 Forces analysis External - Competitor analysis Internal - Financial analysis Internal - Stakeholders analysis Internal - Value chain analysis Internal - RBV analysis SWOT summary TOWS matrix Executive summary This report analyses the strategies of Nucor corp. (hereafter referred to as “Nucor”) with regards to its steel mill product segment including open web steel joists and joist girders which comprised 89% of their total business volume in 2004. The company’s target is to reach the top of the domestic steel industry and achieve US$ 3 billion in sales revenue in 2007. Key Strategic Issues: Challenges posed by Global acquisition trends. Leveraging the potential of employees from new acquisitions. Weak negotiation power during procurement of raw material. Recommendations: Improve on Innovation Strategies. Enhance integration Strategies. Company Background In its early days Nucor corp. served as a manufacturer for Oldsmobile (GE motor). The company has come a long way since its inception in 1964. It has gone through major structural changes, acquired new operations and even closed or disposed some operations. Over 41 years Nucor grew from a small steel company at the edge of bankruptcy, to be the 7th biggest steel maker in the United States a few years back. It is presently the 2nd largest steel maker in the US. Throughout its history, the company had strived to achieve its vision, mission and core values in generating revenue and creating shareholder value. Vision – To be the Global Leader in steel products and in recycle scrap. Mission - To be the safest, highest quality, lowest cost, most productive and most profitable steel and steel products company in the world. Core Value – To take care of customers Nucor adopted the competitive strategy of having time-based innovation and product availability. Company Financials highlight Key points regarding the financial performance (for the year 2004) of Nucor are as under: Turnover amounted to $1.14 billion, up 82% from previous year 2003, continued increasing about 28% average over the last 5 years. Profitability analysis shows that there’s been improvement over the years; especially a better performance than previous year 2003. Nucor is one of the most profitable companies in the US domestic market. Its budget expectation has proved accurate for the year 2004. Gross profit margin and net profit margin were both strong, which tells that the company is strong in areas of manufacturing as well as management / sales. ROE & ROA indicators were also in good shape and have helped reduce financial risk. Within the steel industry Nucor has displayed prudence in its finances as suggested by a business comparison with Arcelor Mittal which is a bigger organization but yet the former had managed to keep a surplus in all four profitability areas. Average liquidity ratio recorded at 1.49 is a good determining factor of the financial viability of Nucor business, which is well-funded than its other two rivals. Current ratio gives an indication of the ability of Nucor business to pay its bills. The ratio of 2.69 in year 2004 shows that it has a better ability to meet ongoing and unexpected expenses. Market Analysis 1.1 Business Model Chart below shows business composition and operating performance of Nucor. Factory structure Division No. of Mills Major customers Steel Segment Bar Mills 9 bar mills Automotive, construction, farm equipment, metal buildings, appliance, furniture and recreational equipment. Sheet mills 4 mills Structural Mills 2 mills Plate Mills 2 mills Steel products segment Steel products segment Vulcraft, Open-web steel joists, Joist girders and steel deck. 7 facilities Used for building construction Cold Finish, Largest producer of cold finished bars 4 facilities The automotive, farm machinery, hydraulic, appliance and electric motor industries. fastener, state-of-the-art steel bolt-making facility 1 facilities Automotive, machine tools, farm implements, construction and military applications. Building systems and light gauge steel framing 3 facilities Complete metal building packages can be customized and combined with other materials such as glass, wood and masonry for cost-effectiveness. Light Gauge steel framing, load bearing light gauge steel framing 2 facilities commercial and residential construction markets Performance summary: Nucor’s financial performances have been quite successful so far, in terms of its steady growth rate as well as its equity value. In order for the company to sustain and maximize this pattern of growth in the coming years, a deployment of strategic analytical tools such as PESTEL will be highly relevant. The success of continuing growth of Nucor will depend on many factors in the external environment. The STEEPLE Analysis Model is used to scrutinize the various aspects of the macro environment. Summary of STEEPLE Domestic market is still in a state of regression among upwards of Kuznets infrastructure investment cycle1. Countries with better economic conditions have more demand on steel, which results in a bigger potential for exporting activities. Global acquisition leads the consolidation in the steel industry including in US. Nucor needs continued innovations and has to adopt newer technologies to maintain market profitability. And continued focus on human resources management must be in line with the corporate strategy. The expansion to target regions / countries while observing environmental and political impact of each country which has legal implications should not be flouted. Summary of Porter’s 5 Forces With the prevailin intensity of competition in the steel industry, strategy will have to play a key role for Nucor to hold its position in the supply chain. By being close to major customers and quickly absorbing workable new technology; as well as by implementing yearly contract with suppliers, Nucor will be in a position to keep raw material prices under control. Critical Industry Factors The intense competition is still only within a steel industry oligopoly. The market is now more mature and its overall profitability is again on the rise, the growth is also steady and entry barrier regulations are working in Nucor’s favor. Competitors product whether diversification? Overall, Nucor’s financial results augur well for its future. There is a need for Nucor to assess its business model and operations to prevent recurrence of business failure due to insufficient market research. Nucor should include an annual business risk and environment review and audit so that non-performing factory or operations can be rectified. “Nucor is the fourth biggest steel producer in the United States. Its goal is to be the most sought after steel manufacturer in the entire country. Every ton of steel products produced by Nucor cost on average about 40 US dollars less than its competitors. The company’s top management wants to translate this achievement in low cost production into its core corporate culture and believe that another 20% in cost of production is viable with further technical innovation. The companys market value had recently reached a peak value in average growth rate, becoming a leader in the American steel industry. “ Business Strategy for the future: Presently there are many segments within the Steel industry. In light of drawing a strategy for its future growth, Nucor’s major revenue earning products are being considered, which account for nearly 89% of its total revenues. The key product in this segment is the open web steel joists and joist girders. Our analysis focuses on its main competitors Arcelor (Europe), USS, etc. Nucor’s history suggests a pattern of meticulous planning in order to enhance the company’s operations and profitability. In addition to the ordinary course of business development, the group adopted various measures to enhance capital gains and reduce its indebtedness in the future. While some big steel producers filing for bankruptcy protection, Nucor has made several successful investments in other countries such as China and Brazil, which will not only broaden its current capital base but will also bring the benefit of the international synergy resources to enhance systematic competition and help increase its future profitability. Even, the Board believes that Nucor’s efforts in areas of need will result in a stronger competitive position for each of its business segments. The group is also focused on the innovation of technology and high quality sheet steel businesses with promising value. Further, in terms of strong growth, the company is interested in planning for the future. This can be supported by the reason that the Directors declared $7.08 final dividend in 2005 as compared to .04 cents in 2004. This is the case for most high growth firms; their profits are better spent by reinvesting in the firms activities rather than as extra cash payout to shareholders. In fact a majority of corporations have elected to pay out less of their earnings as dividends, perhaps because corporate rates of return on reinvested capital are higher these days. The net profits of past years are good and remarkable, besides that Nucor has proactively forged ahead in its business operations. The company is planning to do some internal restructuring to re-equip some slow business &/or products lines. For example, a few products will be standardized after promulgation of new regulations by the PRC government. The business will attain key and large market share and thus will create high profitability. Finally, a future projection of the company’s profitability is warranted at this juncture. Nucor has good future prospects and might provide shareholders with good returns in due course but would have to narrow down the large gap between the market price and net assets per share of the group. It will have to take proactive steps/ strategies to improve the market price of the company. Advantage Social responsibility in the long run sustains the business and increases its prospects of success. Disadvantage Logistic / supplier: Only one independent broker supply 95% of Nucor’s scrap steel is supplied by a single independent broker, which is not an ideal position to be in. Also, Nucor’s Public Relations Department has under-functioned so far. Finally, the company does not have a corporate legal or environmental department, the necessity for both of which is imperative in the prevailing business climate. HR retention policy: Strong purchasing processes, sales, management and social responsibility in the long run sustains the company and makes it a successful one. Decentralized operation - a small cadre of executives work as a team, where authority is delegated to managers in the field; In other words, an autonomous model of operating. Nucor has also exhibited a high rate of retention. Nucor’s staff’s salaries are higher than other workers in same industry by about 85%. Strategy on Empowerment - decentralized manner - every division is structured in such a way as to contribute to the overall profits (downsize, reduce bureaucracy, save variable costs) Each division manager controls the budget for a particular division and the HQ does not interfere in this process. Bottom line is 25% more EBITA (ROA), which implies a KPI that is 25% more. Innovating technology Nucor’s innovations in Steel and Joists are very well known. In fact it is the first steel company to implement a computer based inventory management system in the US. It is one of the first companies to tap into the advantage of using electric arc furnaces to melt scrap steel, as opposed to companies using traditional blast furnace technology; And Innovations for mini-mill technology, division increased to 30 over 10yrs from 90s Nucor has a novel Research & Development policy. Rather than direct investments, it asks suppliers to undertake in-house experiments and trials. Another way is to buy over the new technical applications at the earliest possible stage. (ADVANTAGE) Information Technology System linked with other plants nearby to facilitate better coordination. Strategic partnership Two Joint Ventures for innovating on raw materials, using Scrap steel instead of pure and unadulterated steel. Key partnerships with Japan’s Mitsubishi and China’s Shougang As for new plants, Nucor had recently built a facility in Western Australia. Product ranges carbon and alloy steel --in bars, beams, sheet, and plate; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; steel fasteners; metal building systems; light gauge steel framing; steel grating and expanded metal; and wire and wire mesh.  Nucor is North Americas largest recycler. (Different with Florida steel, one of competitors) (Nucor’s practices) Same price is offered to all customers that is inclusive of the delivery charges. As the factory is closed to customers they cannot avail of wholesale discounts. The marketing team improves efficiency by negotiating prices with the customers. Market share is approximately 40% of Joist Division, major business on open web steel joists and joist girders - 7 plants. CUSTOMERS JIT DELIVERY Cost advantage - Material & freight is competitive. Increased convenience as a result of the plant being close to the customers Another advantage is that the Design and Engineering is tailored to satisfy customers. The workers in the Nucor factories are highly skilled and efficient. For example, 6 Tons of joists are assembled in less than an hour. 3 or 4 Joist production lines make up one plant. 1st stage comprises 8 workers to cut or bend steel through roller conveyors it is taken to a group of 6 workers at the assembly stations, 2nd stage includes drilling and miscellaneous work done by 3 workers. 3rd stage consists of welding work performed by 9 men The final stage is 2 men inspection teams who are independent, and have a seperate incentive system and report to the Engineering Department. In sum, an aggregate of 28 people (Strategy) While resembling a backward integration, Nucor started the business of manufacturing steel in 1967 because there was no steel maker in the country at the time to provide steel at competitive price levels. (Advantage) The company was also bolstered by its strong and aggressive Marketing strategy By finding a niche market and making profits for Nucor, the company was able to save money as well as buy raw material for its Vulcraft division. Due to its cost advantage Nucor was able to sell steel at a price that was comparable to foreign importers and offshore mills, thereby giving the company customer lead time advantage. (Advantage) Nucor was the first steel company to build a mini-mill plant for manufacturing certain steel products. Nucor has developed capabilities to forecast/predict new trends and needs within and outside the industry. It had also never shied away from opportunities to innovate. Nucor has the distinction for finding new ways to implement new techniques at mills at the same time reducing labor costs. It also aims to be the leader in the industry both in terms of profitability and other performance indicators. Intra-industry environment (USS competitors) “Steel crazy after all these years, Pittsburgh-based United States Steel is the nations second largest integrated steelmaker (behind Mittal Steel USA). The company operates mills throughout the Midwest in the US; and in Ontario, Canada; as well as in Serbia and Slovakia. The U.S. Steel produces sheets and semi-finished steel, tubular and plate steel, and tin products. The companys customers are primarily in the automotive, construction, chemical and steel service industries. In addition, U.S. Steel offers services such as mineral resource management and engineering and consulting. The company acquired tubular goods maker Lone Star Technologies for $2.1 billion and spent another $1.1 billion for the former Stelco in 2007.” (Arcelor Mittal) Arcelor Mittal is a global steel producer. The Company has steel-making operations in 20 countries on four continents, including 65 integrated, mini-mill and integrated mini-mill, steel-making facilities. It produces a range of finished and semi-finished carbon steel products and stainless steel products. Specifically, Mittal Steel produces flat products, including sheet and plate, long products, including bars, rods and structural shapes, and stainless steel products. The Company sells its products primarily in local markets and through its centralized marketing organization to a range of customers in approximately 170 countries, including the automotive, appliance, engineering, construction and machinery industries. Mittal Steel operates its business in six segments: Flat Carbon Americas; Flat Carbon Europe; Long Carbon Americas and Europe; Asia, Africa and CIS (AACIS); Stainless Steel, and Arcelor Mittal Steel Solutions and Services (trading and distribution). Applying Grant’s (1991) Resource Based Theory of competitive advantage, Nucor competitive advantage is from its resources and capabilities 5. Summary In the intensity of competition, it is important that Nucor reinforce the vertical acquisition on the raw material suppliers all over the world and holds its position in the joist steel company and Mini-mill by ensuring that suppliers do not reduce or terminate the supply of products, or integrate forward vertically, both of which could be retaliatory moves by rivalry consolidated suppliers should Nucor adopt overly aggressive expansion strategies into its suppliers’ home turf. Joint venture establishment is a good relationship amongst suppliers and competitors. Main Strategic Issues COMPETITIVE ADVANTAGE Nucors’ greatest competitive advantage is its empowered workforce and good effective incentive program. Creating knowledge from direct experiment is also a unique advantage to the corporation. (Advantage) Tailoring to customers need and strong inventory control systems make inventory levels as low as possible. And through establishing joint venture partnership Nucor can acquire new market share, adopt new technology earlier and more effectively than competitors and reduce the raw material cost as well. There are also many challenges facing Nucor such as foreign market knowledge, relationships with retailers and sub-distributors, and cultural differences of countries it tries to expand its operations to. Nucor’s other competitive advantage would be its highly competent employees and senior management team. The effective incentives program by Nucor employed nonexclusive third-party steel service centers (50% of sales) as well as direct selling (50% of sales) to powerful original-equipment manufacturers, who faced almost no switching costs. Some of its top executives are highly accomplished in the fields of accounting, economics and law. Some have served in government boards and committees, while others serve as directorship in other large public-listed companies. 8. Recommendations One of the recommendations of this analysis is for Nucor to further enhance the existing business in the market leadership positioning and readily develop its own R&D team to better capture new technology opportunities. Reinforce consolidating amongst the industry gradually. All product lines should be merged with other competitors such as hot metal (In October, A joint venture with CVRD the largest producer of iron-ore pellets in Brazil). and in For environmental friendly product liquid metal (April 2002, with Rio Tinto and other overseas partners where Nucor own 25% share has initial star-up operation in western Australia). It converts iron ore fines and coal fines to liquid metal, eliminating the need for a blast furnace, sinter/pellet plants and coke ovens. As for down-stream bar products, enhance the processes and technology through the joint venture with Harris Steel Group in 2004 and rebar fabrication with Ambassador Steel in 2005. (In 2004, we entered into a joint venture with Harris Steel Group, the second largest independent rebar fabricator in the United States) it adds downstream integration from our bar mills into the value-added process. In January 2005, we entered into a second rebar fabrication joint-venture agreement, this time with Ambassador Steel, the nation’s largest independent rebar fabricator, to form Nufab Rebar, LLC) This is a good move in terms of company expansion and hedge the pose from the scarcity of natural raw material price up. Such will readily allow Nucor to sustain the high grade quality steel products. And as such, improve production efficiency and the incorporation of Joint venture into their systems fulfils the expectations that are attributed to maximize the profit. Indeed, it is also able to maintain the low price advantage to benefit the customers in long term even though in the down cycle of steel requirement. The launch of national brand Campion has allowed the company brand equity establishes and slowly become potential leader in the industry in US. On the other hand, to counter the emergence of substitutes and new players, Nucor must continue to invest in developing new products or items. In that way, Nucor can retain its market base. Clients will most likely to remain and continue to patronize their products. As its audience share grows, Nucor can readily strengthen its bargaining power and at the same time compete with its known rivals. And continued focus on human resources management which must to in line with the corporate strategy. Appendix A Critical Considerations MACRO ENVIRONMENT FORCES STRATEGIC IMPLICATIONS Social   Global acquisition and immigration trend/prevail Enhance labor unity management Job career preference and less loyalty to the employer Effective Recruitment and reward system Technological Embark advance technology to improve production efficiency and to achieve cost saving Constant develop new technologies and innovative technique Economic   Global acquisition trend during economic downwards among the up cycle. (Kuznets infrastructure investment cycle) Global competition intensify Increased cost of transport, material, and labor costs (Scrap/ Raw material price up by supplier is greater than selling price increased) Increase in operating cost and lower profit. Possible recession and mature in US Affluent demand in emerging countries such as China and India. Distribution network should target affluent / emerging countries Recent few years volatile steel market in US Reinforce on the domestic market Environmental Profit in US saddled with cost of disposal Strong legislation in US to impose fine/settlement on the air pollution Political Large importing activities impose tariff, quotas implement Steel-protectionism in many countries Legal   Consolidation is subject to legislation in many countries Exercise caution in countries with various steel industry Ethical Failure of strategy implementation Possible chance on business confidential disclosure Appendix B Porters’ 5 forces analysis THREATS STRATEGIC IMPLICATIONS     Bargaining Power of Suppliers - HIGH   In Oligopoly market major suppliers could easily increase raw material price by reduce production of raw material Build stable relationships with suppliers     Bargaining Power of Buyers – MEDIUM   Country or regional dealers / contactors are able to bargain for low prices. Close to the customers able to bring down cost and benefit buyers hence hit profitability Many products with competitive price widen consumer choices Cost efficiency is a necessary     Threat of New Market Entrants – HIGH   Partnership and buyouts creating new giants by horizontal integration / horizontal diversification into manufacturing as well Strong relationships with government and defense strategy necessary     Threat of Substitute Products – MEDIUM  Need to work on the available substitute products. Dealers / End users may find substitute products. with similar product segments       Industry Competition – HIGH   Globalization has unified the steel industry and made previously un-encountered steel makers into direct competitors. Build up strategy of forward integrate / horizontal integration / Concentric diversification against international is absolutely necessary. Strategic Alliances - HIGH   Partnership with steel producers in affluent market Joint venture as a defense strategy able to increase profitability and other countries market share Appendix C Tangible Assets Strong Financial Competencies Tap on / acquisition on New technology Effective marketing Campain Capabilities = Long established reputation + Well trained staff Current business model Intangible assets Experience group of Exco Customers / vendor relationships Brand name Industry knowledge Reputation Customer network patent; and strong; supplier capabilities Appendix D Tows Matrix / SWOT Summary   Strengths Weaknesses   Organizational culture Dependency upon the mature and volatile US market   Leadership Lack of dedicated internal R & D capacity   Supply chain management lack capability to identify the new market segment such as High Tech product   Labour Productivity Establish alliance relationship Opportunities S-O Strategies W-O Strategies Emerging Asian market Decentralization, enable the individual active, autonomous, Share in contract foreign steel makers activities New market segments Stimulate to find out new technology or improve the existing production process and innovate new material Sole independent scrap broker enable the scrap price is remain as low as possible and has a medium bargaining power to buy raw material, reduce the delivery cost and time Substitutes Effective strategy implement successfully enable the cost advantage (Plants close to customers area then acquire them) to beat rivals by reducing the delivery cost Horizontal integration enable the acquisition furnish /establish R & D team Prudent targeted mergers, JV’s, acquisitions, etc - must be culturally aligned Internal competition practice to create a good learning environment, spur/ inspiration to other peers, maximize to utilize human resources to devote to the organization     Partnership with target affluent / emerging countries supplier   Threats S-T Strategies W-T Strategies Takeover target Enable to set the direction and visionable than competitors Synergy and coordinate among the group and adopt foreign culture Environmental regulations lobbying the government impose tariff and quota continue to innovate environmental friendly process or learn from competitors to enhance the current production process Losing its competitive advantages because of superior competitor achievements     Appendix E 31-Dec-04 31-Dec-03 31-Dec-02 NUCOR USS Arcelor Mittal NUCOR USS Arcelor Mittal NUCOR USS Arcelor Mittal                   Profitability Analysis Net Profit Margin 9.86% 8.78% 13.12% 3.38% -5.54% 1.95% 2.61% 1.02% -0.76% Gross Profit Margin 19.76% 12.22% 13.42% 9.78% -8.74% 2.85% 9.68% 2.14% 46.66% Return on Equity (ROE) per share 38.57% 28.20% 24.66% 10.25% -42.18% 72.35% 16.30% 3.01% 14.79% ROA 25.40% 13.65% 27.79% 1.49% -10.97% 4.21% 5.25% 0.16% 2.68%                       Growth Sales   11376.83 81.57%   6265.82 30.49% 4801.78 10.80%                       Risk Analysis Quick Ratio 1.63 1.20 0.81 1.47 0.86 0.78 1.22 1.03 0.78 Current Ratio 2.98 1.72 1.54 2.57 1.46 1.43 2.52 1.78 1.15 Total Debt to Equity 0.27 33.46% 0.25 0.39 1.73 0.72 0.38 0.69 0.15 Continued… 31-Dec-01 31-Dec-00 5 years Average NUCOR USS Arcelor Mittal NUCOR USS Arcelor Mittal NUCOR USS Arcelor Mittal                   Profitability Analysis Net Profit Margin 6.54% -3.99% -4.73% 6.54% -0.41% 0.68 5.78% -0.03% 15.57% Gross Profit Margin 17.39% -7.41% 48.81% 17.39% 2.03%   14.80% 0.05% 27.93% Return on Equity (ROE) per share 18.03% -8.70% 56.07% 28.73% -1.09%   22.38% -4.15% 41.97% ROA 4.77% -6.55% 2.68% 13.30% -0.01% 14.79% 10.04% -0.74% 10.43%                       Growth Sales   4333.71 -8.89%   4756.52   28.49%                         Risk Analysis Quick Ratio 1.64 0.96 0.671407696 1.51 1.27 1.15 1.49 1.06 0.84 Current Ratio 2.88 6.63 1.537787619 2.48 1.95 0.68 2.69 2.71 1.27 Total Debt to Equity 0.21 1.17 0.56 21.61% 116.52%         REFERENCE: EFE & IFE, source from www.elearning.strathmore.edu/file.php/164/EFE_matrix.pdf Market Maturity and Coordination Matrix source from Huang dan and Yu tong, 2005, Strategic management. Research remark · case, the 21st century business management MBA series new versioned teaching material, Tsinghua university press, China Grand Strategy Matrix and QSPM source from http://ocw.kfupm.edu.sa/user062%5CMGT58001%5CTextbook%20slides/exp_06.ppt And http://faculty.utep.edu/LinkClick.aspx?fileticket=g9tdTYynhfE%3D&tabid=19435&mid=43317 New entrants Cmwin, retrieved on 10 Apr 2008, source from http://www.cmwin.com/CBPResource/StageHtmlPage/A268/A268200711211433515.htm Castrip technology minimized environmental impact A Castrip plant requires 10% of the land used by mini-mills and only 1% of the land required for a conventional integrated mill. Castrip technology, retrieved on 12 Apr 2008, source from http://www.castrip.com/exp_launch.html ISG, unable to retrieved data on 12 Apr 20082 US money supply Retrieved on 10 Apr 2008, Source from http://en.wikipedia.org/wiki/Money_supply Demographic in US from 2000 to 2007, retrieved on 12Apr2008, source from http://www.census.gov/popest/national/asrh/NC-EST2007/NC-EST2007-02.xls USS official website, retrieved on 05 Apr08, source from http://www.uss.com/corp/investors/sec_filings/index.asp Misser, F1995, Europe Looks to Africa for Iron Supplies. African Business. October, p. 33 Murphy, C. 2005, Competitive Intelligence: Gathering, Analyzing and Putting it to Work. Gower Publishing Ltd: England “Nucor” n.d, Nucor Steel, viewed on 20 October 2007, . “Saving The Steel Industry” 2003, Washington Times, August 13, p. A11 Stahl, M and Grigsby, D. 1997. Strategic Management: Total Quality and Global Competition, Blackwell Publishers Ltd: Oxford “Steel Industry” 2004. Columbia Encyclopedia. Columbia University Press: New York “Steel Makes Become Target of Anti-Dumping Charges” 2001, Korea Times Wells, H. 2004, The Outline of History Being a Plain History of Life and Mankind, Barnes and Noble Publishing Inc: USA Reuters Nucor company financial ratio list, viewed on 10 APR 2008, Read More