nucor

Fortune Staff

This year’s Fortune 500 marks the 68th running of the list.

Fortune 500

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

World's Most Admired Companies

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

Global 500

Best Workplaces in Manufacturing and Production

Current All-Star Rank

Industry

legacy

Sector

Previous All-Star Rank

Industry Rank

Previous Industry Rank

Overall Score

Innovation

People Management

Use of Corporate Assets

Social Responsibility

Quality of Management

Financial Soundness

Long-Term Investment Value

Quality of Products/Services

Global Competitiveness

Nucor

Sara Haralson

Fortune Live for November 10, 2016: Trump & the Economy

https://fortune.com/2016/11/10/fortune-live-november-10-2016/

Reuters

Why the U.S. Is Reportedly About to Start Investigating Chinese Steel

https://fortune.com/2016/11/07/us-tariff-chinese-steel/

 John, you run the biggest steel company in the country, and profits at your company have been picking up ever since the US government put restrictions on cheap Chinese steel imports. Do you see that trend continuing? Definitely. Certainly, the tariffs that have been imposed have been a positive for our industry and for our company. But frankly, Susie, there's a lot more behind the reasons that we are one of the most profitable companies in the United States today. But given that you have these tariffs now, are steel prices where you want them to be? Steel prices, frankly, never quite where we want them to be. Obviously, we'd would like them to be higher. But really what it's about is making sure that we have a level playing field on which to Compete if we get the level playing field, that's all our team needs. We have the best team in the industry. Give them a level playing field, and they will be successful. As you know, the presidential candidates have been very critical of unfair trade practices-- not only with China, but with other countries. What policies would you like to see, when it comes to trade, from the next president? Well, frankly, the laws that are in place, if they are rigorously enforced, will serve as very well it. Will provide us a level playing field. So I don't see a need to change the laws, as such. They just need to be enforced. There needs to be a focus on enforcement of those laws, and also circumvention-- dealing with the circumvention issue. Often, we'll get a trade case and we'll be able to prosecute it successfully only to find the offending country-- and frankly, it is often China-- working to sneak the product in through other means, and basically circumventing the trade cases. So that's an issue. China today does not operate as a market economy, and that's the problem. Government owns about 80% or more of the steel industry. That's an issue. With China's government owning so much of the industry, profit and loss-- it's not a market-driven decision anymore. It's all about employment, instead of profits. So the upcoming debate that we'll have at the end of this year that we will have to take a position on is whether or not to grant China market economy status. And we would argue vehemently that that should not be done. John, not so long ago, there were CEOs who were all talking about going global and talking about the advantages of globalization. Now, we're hearing just the opposite. The presidential candidates and the American public are complaining about loss of jobs and loss of business because of this globalization. If the US goes protectionist, what does that mean for American business? Does it work for or against us? I want to be very careful in saying that I do not support that theory at all. I am not a believer in protectionism. And I want to be clear that enforcing our trade laws is not protectionism. We support free trade. On the record, here's the CEO of Nucor saying, I support free trade. But free trade means trade that's free from any government interference. Absolutely, there should be a global market. Absolutely, companies and countries should compete on a global basis. That's the best way to get a truly robust economic growth worldwide. That's what free trade is all about. That's what capitalism is all about. So we support free trade, as long as it's free and fair trade, free of government interference. I am not a believer in protectionism at all. 

Nucor's CEO Does Not Agree with Protectionism

Leadership

John, you run the biggest steel company in the country and profits that your company have been picking up ever since the U. S government put restrictions on cheap Chinese steel imports. Do you see that trend continuing? Definitely. You know, certainly the tariffs have been imposed, have been a positive for our industry and for our company. But frankly, Suzie, there's a lot more behind the reasons that we are one of the most profitable company companies in the United States today. But given that you have these tariffs now, our steel prices where you want them to be steel prices, frankly, I never quite where we want them to be. I mean, obviously, we would like them to be higher, But really, what it's about is making sure that we have a level playing field in which to compete. If we get the level playing field, that's while our team needs. We have the best team in the industry given level playing field, and they will be successful. As you know, the presidential candidates have been very critical of unfair trade practices, not only with China, but with with other countries. What policies would you like to see when it comes to trade from the next president. Frankly, the laws that are in place if they are rigorously enforced, will service very well. It will provide us a level playing field, so I don't see a need to change the laws. As such, they just need to be enforced. No one needs to be a focus on enforcement of those laws and also circumvention dealing with convention issue often will get a trade case. And we'll be able to prosecute it successfully on Lee to find the offending country. And frankly, it is often China working to speak the product into other means and basically circumventing the trade cases. So that's that's an issue. China today does not operate as a market economy. Okay, and that's the problem. Government owns about 80% arm or off the steal industry. That's an issue with China's government owning so much of the industry profit and loss. It's not a market driven decision anymore. It's all about employment instead of profits. So the upcoming debate that will have at the end of this year that we will have to take a position on is whether or not to grant China market economy status, and we would argue vehemently that that should not be done. You know, John, not so long ago, there were CEOs who are all talking about going global and talking about the advantages of globalization. Now we're hearing just the opposite. The presidential candidates and of the American public are complaining about loss of jobs and loss of business because of the globalization. If the U. S goes protectionist, what does that mean for American business? Is it a work for or against us? I want to be very careful in saying that I do not support that theory at all. I am not a believer in protectionism, and I want to be clear that enforcing our trade laws is not protectionism. Okay, we support free trade. On the record. Is the CEO of Nuclear saying I support free trade, but free trade means trade that's free from any government interference? Absolutely. That should be a global market. Absolutely. Companies and countries should compete on a global basis. That's the best way to get a truly robust economic growth worldwide. That's what free trade is all about. That's what capitalism is all about. So we support free trade as long as it's free and fair trade free of government interference. I am not a believing protectionism. Metal

People are talking a lot about leadership these days, especially with the presidential election coming up. As a CEO, what do you think makes a great leader? What is the key characteristic you look for? A good leader has to have passion okay. He has to have integrity, and he has to have courage. If the leader doesn't have passion for his company, for his business, for what he does the team is not going to have the passion in whatever sport or business that is. You need to have integrity without integrity you cannot enlist the trust of your team and without their trust it's a problem. And the last thing I always say is courage, because courage is important. Sometimes, you really have to have a lot of courage to truly have integrity, particularly when no one is watching. right? It usually takes a lot of courage to have complete integrity. And that's why courage is also a factor. People say about you that you delegate a lot, you empower your employees What is your leadership style like? Describe it. I'm a people person. I love talking to people. I got to tell you, I don't like email. Okay / I don't like text messages. I like to talk to people. A great tool that I've discovered that I use a lot is face time, because it allows me to make the call, limit the travel but still look into the person's eyes. And at the end of the day, if you want to really understand what's happening with your team on a issue that's happening with a teammate, you need to look at them. I understand that Nucor has never laid off any of its employees, and this goes back to the 60s. Why is this an important policy for your leadership? We constantly say, as many of our competitors say, our teammates are our most important asset. Well, how do you look at someone and say you are our most important asset? At least until business gets bad in which time we're gonna put you out on the street. That doesn't work. That doesn't elicit trust between management and the team. Our team is our most important asset and the way that we show it to them, the way that we convince them, convince them that we really mean this is during the worst of times we do not lay them off. So leadership is a lot about vision and it's about a corporate culture and getting people to follow that corporate culture. So what is your message To the people who work at Newcor when it comes to leadership. When I met with the leader, the message I give them is, if you got good people, okay, trust them. Let them make the decisions. Let them do their work, okay. Also, when it comes leadership, I tell them, first thing I tell people when they come in to my office and to elevate to a leadership position. You know, this is gonna sound unusual to you but lead with a servant's heart, okay. We are there to serve our teammate make sure they have what they need to do. People ask me all the time, how many people work for you today? And I tell them, none but I work for 24, 000 people. My job is to make sure they have what they need. For their success because of what their success we have new course success. John you have spent your whole career in the steel business. First at Bethlehem Steel and then at Newcore for many, many years rising up to become the CEO. What's What's the best leadership advice that you ever got and why did it guide you over so many years? Well there was two people that had really large influence on my leadership style. The first was a gentlemen with Bethlehem Steel when I worked for that company, he was Mike Zier. And the most recently Band Miko was was my predecessor at New Core. And both of them gave me a very similar message, and that's why it stuck with me cuz they were both great leaders. I admired them, and both basically said the same thing. Work hard, work harder, and work hardest, okay? And the second piece of advice that they gave me was this. Trust your team, empower your team. You can't do it all yourself Okay. Make sure that your team knows you trust them. Give them the ability and the opportunity to make decisions. Respect them. Okay, appreciate them. And have an interest in them. And if you do all of that you'll be a good leader, and if you're a good leader your team will perform for you. [ BLANK_AUDIO ]

Nucor CEO Says Trust Is Key to Being a Great Leader

Nucor

Company Information

World's Most Admired Companies
As of 2/2/22

Nucor

Company Information

World's Most Admired CompaniesAs of 2/2/22

World's Most Admired Companies
As of 2/2/22