Most of the great American steel manufacturers are gone, nothing left of them but tumbledown buildings, contaminated property and broken promises.
Nucor Steel, however, is thriving with ever higher sales and ever higher profits. How does Nucor thrive where the steel giants of old withered?
They screw their employees, that's how. Just look at what they do -
The average Nucor steelworker took home nearly $79,000 last year. Add to that a $2,000 one-time bonus to mark the company's record earnings and almost $18,000, on average, in profit sharing.
Today, the typical CEO makes more than 400 times what a factory worker takes home. Last year, Nucor's chief executive collected a salary and bonus precisely 23 times that of his average steelworker
"We'd sit back, have a cup of coffee, and complain: 'Those guys stink,"' he says. "At Nucor, we're not 'you guys' and 'us guys.' It's all of us guys. Wherever the bottleneck is, we go there, and everyone works on it."
"I can give you all the rhetoric you want," says Ladd, "but the people in the mills, that's what makes it Nucor."
And Nucor screws their shareholders too -
Nucor's 387% return to shareholders over the past five years handily beats almost all other companies in the Standard & Poor's 500-stock index, including New Economy icons Amazon.com, Starbucks, and eBay
Dumbasses, what do they know about industry?
Nucor Steel, however, is thriving with ever higher sales and ever higher profits. How does Nucor thrive where the steel giants of old withered?
They screw their employees, that's how. Just look at what they do -
The average Nucor steelworker took home nearly $79,000 last year. Add to that a $2,000 one-time bonus to mark the company's record earnings and almost $18,000, on average, in profit sharing.
Today, the typical CEO makes more than 400 times what a factory worker takes home. Last year, Nucor's chief executive collected a salary and bonus precisely 23 times that of his average steelworker
"We'd sit back, have a cup of coffee, and complain: 'Those guys stink,"' he says. "At Nucor, we're not 'you guys' and 'us guys.' It's all of us guys. Wherever the bottleneck is, we go there, and everyone works on it."
"I can give you all the rhetoric you want," says Ladd, "but the people in the mills, that's what makes it Nucor."
And Nucor screws their shareholders too -
Nucor's 387% return to shareholders over the past five years handily beats almost all other companies in the Standard & Poor's 500-stock index, including New Economy icons Amazon.com, Starbucks, and eBay
Dumbasses, what do they know about industry?
