Nucor’s business is not new and sexy. In fact it is as rust belt as it comes: melt down scrap steel to make new steel. What’s amazing about Nucor is not the business they are in but their results.
How does 387% return to shareholders over the past five years sound? That’s better than Amazon, Starbucks and eBay. Since the 1980’s it has grown into the largest steel company in the U.S. In 2005 it did $12.7 billion in sales, up from $4.6 billion in 2000. Income was $1.3 billion up from $311 million in 2000.
Their secret? This radical insight from their legendary leader F. Kenneth Iverson: employees, even hourly clock-punchers, will make an extraordinary effort if you reward them richly, treat them with respect, and give them real power. Sounds like something we in the service industry might be able to learn from.
From a recent article by BusinessWeek:
“At Nucor the art of motivation is about an unblinking focus on the people on the front line of the business. It’s about talking to them, listening to them, taking a risk on their ideas, and accepting the occasional failure.”
Lot’s of people talk about...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
