Noroc PowerPoint
- Student
- Introduction: Nucor Corp
Nucor Corp is a manufacturing company of steel and steel products
Its headquartered in Charlotte, North Carolina.
It is the largest firm in the United States that produces steel and recycling of materials.
It produces steel bars, joist girders, steel fasteners, plate, sheet rolled steel, expanded metal, metal building systems, among others.
Nucor operates numerous subsidiaries, namely; Nucor Steel, Steel Joist, Harris Rebar, Nucor sales e.t.c
- Situation
Product Situation
By 2007, Nucor acquired a new steel company called Harris Steel.
This enabled the corporation to fabricate, distribute and install steel reinforcing bars
It is the largest manufacturer of steel deck, steel joists, structural steel, and steel bars in the U.S.
Competitive Situation
Between 1885-2000, Nucor Corp’s major competitor was United States Steel.
In 2000, it was the second-largest steel producer, after United States Steel Don't use plagiarised sources.Get your custom essay just from $11/page
- Situation
The situation of Nucor Corp can further be discussed through SWOT
The main strength of the organization is exemplary management. Every CEO at the helm has outperformed his roles.
Aggressive pursuit of technical brilliance, rigorous quality systems, advocates employee relations and streamlined structure of organization.
The weaknesses and threats are the downturns, quitting of Iverson (the president and CEO), and bankruptcy.
- Key Issues
Strengthening its competitive status during the downturn periods.
Managing the growing lines in steel products and steel making.
The lines include Nucor Fastener, Vulcraft Division, Nucor Cold Finish, and Harris Steel.
Pricing and sales as they were controlled by the prevailing demand-supply situations in the market.
Lastly, embarking on the growth strategy in the five segments.
- Key Players
The key players at Nucor are all four levels of management.
The Board of Directors chooses wisely the CEOs, who transform the organization.
The different management layers empower and motivate the employees of the low levels.
The layers are divided into three; department manager, general manager, and supervisor.
The workforce promoted the egalitarian culture, are highly skilled, and perform maximally.
- Vision and Mission Aspect
A well-defined mission and vision give an organization an upper hand.
Additionally, they define the goals of an organization and methods to attain the specific objectives.
Therefore, the two are used in directing strategies and ultimately improving performance.
The vission is the eventual goal or desired target of a company.
While the mission is the procedure the organization undertakes to attain the goals.
- Vision and Mission Aspect
Nucor has abided to this aspect in numerous ways.
The company has set clear goals, Such as the production of steel and steel products.
Nucor increases its performance by motivating the employees through ways like four-clear-cut principles.
It is approaching its vision. The revenues have been increasing over the years, and it has become the largest steel producer in the United States of America.
Nucor’s Mission stresses on being a steward of both cultural and environmental.
- Strategic Planning
There is a high tendency for people to confuse the strategic plan and strategic planning.
The plan is an intellectual thought, whereas the other is an art of formulation, evaluation, and implementation of business strategies based on the objectives of the organization.
The concept of Strategic Planning aims at integrating different business departments to achieve organizational goals.
These departments include research and development, marketing, information system, management, and finance.
- Strategic Planning
Strategic planning occurs in Nucor in various dimensions.
The company decided to integrate backward its production of steel
The CEO devises a method to boost the competitive position even when the demand for steel is weak.
Nucor embarks in growth through the use of five distinct strategies.
The planning has decreased the expenses costs and increased coordination of the staff.
- Noting Irrelevant Plans
Kenny (2016) points out four principles of strategic planning.
They are: a plan is a guidance tool; taking note of irrelevant plans; focusing on the key players and organization; and lastly, a plan is a work in progress.
Noting of irrelevant plans allows the generation of ideas that would have remained hidden and the leveraging of change.
Nucor takes advantage of buying old plants as they are economical and effective as the new ones
The company also manages to strengthen its competitive position even after the economic crisis (downturn) happens.
- Ashridge Model
The Ashridge model in the work of Chum and Davies (2001) offers a professional approach to creating a mission.
It highlights the fundamental parts, which are purpose, strategy, values, and behavioral standards.
The purpose is the goal of the organization, while the strategy is the method used to realize the purpose.
The values are the policies and guidelines that show how employees ought to carry themselves.
Finally, the standards and behavior of the employees depend on the guidelines and instructions received.
- Ashridge Model
The purpose of Nuroc is “to deliver improved returns at every point in the economic cycle” (Thompson, 2020).
The values include the four-clear cut principles in the human resource department.
These values make the employees be highly motivated and create an egalitarian culture.