Got a tricky question? Receive an answer from students like you! Try us!

Economic Characteristics of Steel Industry - Case Study Example

Only on StudentShare
Author : terrill61

Summary

In current scenario, the significance of steel industry cannot be overlooked in the national defense and financial competitiveness of any country. Steel is the main ingredients of railroads, bridges, skyscrapers, automobiles, construction, transportation, manufacturing, different appliances, and a range of user products…

Extract of sample
Economic Characteristics of Steel Industry

Increasing population in many parts of the world especially in BRIC countries has also increased the requirement of steel based products such as new vehicles, appliances and building infrastructures. Government is the first force that plays two critical roles. First, local and international sustainable and environmental laws are put into effect to protect the environment from adverse effects of steel producing plants. Second, when the steel firms require protection, it inflicts tariffs and trade regulations plus tax breaks or subsidies; however this can be minimized by providing Free Trade Agreements. Steel industry is highly influenced by technology and fuel prices. Technology has not only improved the quality of steel products but also the continuously growing fuel prices force the steel producing companies to figure out and implement new, innovative, and cost-effective technology and practices. During the past few years, the mergers and acquisitions have not only enhanced the growth of steel industry but also made the industry more cost competitive where competition is primarily based on prices. Recycling of steel and scrap material is another critical driving force which plays an important part in the joint projects. ...
Download paper

Related Essays

Nucor
In USA the recycling rate of steel is about 66%. Economically steel is the backbone of industrial countries and according to World Steel Association, 64 countries of the world have produced about 125 million tons of steel in first eight months of 2011 which is an increment of 9.8% of August 2010 (World Steel Review, October 2011). Since last three years, China is the leading steel producing country while 1/3 of the world’s overall steel is jointly produced by Japan, Russia and United States of America. Economic strength of steel and iron industry is very high in the U.S. The industry is…
3 pages (753 words)
Nucor Corporation
It will also discuss the organizational structure and management policy at Nucor Corporation. It will identify three HRM issues related to the strategy implementation at Nucor Corporation and recommend actions to address these issues. Fourthly, it will suggest if a related or unrelated diversification must be applied by the company. Finally, it will identify the organizational structure issues that Nucor needs to address to implement this diversification. Trends in the Steel Industry, and How They May Impact Nucor’s Strategy The steel industry appears to have stabilized, but several rising…
3 pages (753 words)
Nucor Steel Company
In analyzing the case study of Nucor steel company, different central firm issues, firm goals, the constraints to improving the firm and the relevant alternatives to counter the problems are addressed. To grow in steel market, metal producers are increasingly expanding territories, not only to manage input costs, but also to secure access to strategic raw materials (Michael et al 13). With improving economies’ growth is expected to boost desire for many to purchase the product in the medium term. Steel producers and mini-mill companies are situated in the midst of a very competitive…
4 pages (1004 words)
Innovation, Change and Motivation at Nucor Corporation
Apart from these cultural values, none of the company’s employees is unionized. Nucor does not approve of unions, as it believes the culture is counterproductive, especially where building of a strong workforce whose objective is to serve the steel company’s interests is concerned. Nonetheless, the employees remain committed to quality of service and lay-offs are minimal. (a) Devolved Management system Nucor is heavily devolved in its operations, a culture that enables the employees to be innovative in their work and develop a feeling that they are owner-operators. In light of this, the…
6 pages (1506 words)
Human Resource & Competitive Advantage- A Case of Nucor
Looking at the financial aspect of the pay for performance system the system might seem as inappropriate to modern organizational setting but they pay system of Nucor needed to be viewed from the human side of the equation. However there are advantages and disadvantages that are associated with the pay for performance scheme of Nucor. Advantages According to the case study, pay for performance has helped Nucor to retain top performers and create the sense of responsibility among employees because employees know that their pay scale is directly related to their performance level. Korda has…
5 pages (1255 words)
PARAPHRASE
They do not use command-and-control model and they ensure the transmission of the company’s culture.…
1 pages (251 words)