$Nucor (NUE.US)$ $United States Steel (Delisted) (X.US)$ One of the most cyclical industries in the steel industry. Nucor said, “When the economy is booming, we should keep operating at full capacity and reserve part of the capital, because we are convinced that such a good time will not last long.”
Although Nucor is currently the largest steel company in the US, Nucor used 14 years from 100,000 tons to 1 million tons; 9 years from 1 million tons to 2 million tons; 7 years from 2 million tons to 5 million tons; 7 years from 5 million tons to 10 million tons; 7 years from 5 million tons to 10 million tons, that is, 34 years from 0 to 10 million tons. Work step by step, do it steadily, without the slightest sense of impatience, maintain a streamlined structure and ultra-low cost, and maintain profit even when most steel companies lose money.
Nucor is Nucor not blindly aggressive in the application of new technology. Since the SMS company proposed CSP technology, Nucor has been closely following it. In 1984, Nucor made a special trip to SMS to conduct research and related technical discussions. Nucor even tried something similar on its own. Choosing mature commercializable technology and choosing technology that can be controlled independently is a prerequisite for the application of this technology. Of course, Nucor has also had quite a few failed cases of technology application.
In the early days, Nucor maintained a very low debt ratio, which was below 30% for a long time. It was not active in external mergers and acquisitions until 2000. After 2000, when the steel industry was completely weak, it began to develop in an external manner with superior financial resources. In terms of business development, compared to many diversified groups in the US, Nucor's strategy has always been very focused, keeping costs low...