Nucor

The largest steelmaker in the United States, Nucor built its lead on the minimill: furnaces that melt scrap steel with electricity rather than smelting iron ore in massive blast furnaces. That approach is cheaper and more flexible, lets Nucor throttle output with demand, and makes the company the biggest scrap recycler in North America. Its products run from rebar and structural beams to sheet steel for cars and appliances, and it has pushed downstream into fabricated goods like joists, decking and metal buildings. Run from Charlotte, North Carolina, Nucor is known for a lean, decentralized culture and pay tied heavily to production. Steel is deeply cyclical and priced globally, so Nucor's fortunes rise and fall with construction, autos and the threat of cheap imports, though its low-cost model tends to keep it profitable through downturns that sink rivals.

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