Nucor

11 Pages 2783 Words

Beverly B. Tyler’s case study, Nucor Corporation in 2001: Pursuing Growth in a Troubled Steel Industry, pointed out between October 2000 and October 2001 twenty-nine steel companies in the United States filed for bankruptcy relief. Then the steel industry was hit dramatically hard again after the September 11, 2001 terrorist attacks, commonly known as 9-11.
The time following the September 11, 2001 terrorist attacks were hard on many American companies and especially hard hit seemed the companies within the steel industry. Hardest hit steel companies ended up filing for bankruptcy relief and some ultimately closing down. With this entire ordeal, all industries dealing with steel were slowed down to a minimal pace. The automobile industry, aviation industry, and so forth dealing with all the different types of industries that deal with steel being affected so negatively, Nucor remained a strong corporation.
It seem as if the American steel industry was in a great deal of turmoil would not find relief, then the President reluctantly signed a tariff to give the industry a chance to level out and be able to become competitive with the foreign steel industries. This tariff was suppose to help the steel industry then as cited by, Always On News:
The president declared that the 21 months the steep tariffs had been in place had given the U.S. industry a chance to consolidate and modernize and were no longer needed as a result of "hanged economic circumstances."
However, the decision prompted an angry response from the steel industry and its political supporters, who accused Bush of breaking a campaign promise and turning his back on an industry that was still in need of protection from unfair foreign competition.
"In his rush to appease the Europeans and the Japanese, Mr. Bush willfully ignored the fact that damage to the American steel industry and American steel communities continues to this day," said Leo W. Gerard, president o...