2. Nucor: Overview
Nucor operates under three main segments
consisting of Steel Mills, Steel Products and Raw
Materials.
Nucor Corporation and its affiliates manufacture
steel and steel products. The Company also produces
direct reduced iron (“DRI”) for use in the Company’s
steel mills. Through The David J. Joseph Company
and its affiliates (“DJJ”), the Company also
processes ferrous and nonferrous metals and brokers
ferrous and nonferrous metals, pig iron, hot
briquetted iron (“HBI”) and DRI. Most of the
Company’s operating facilities and customers are
located in North America, but Nucor does business
outside of North America as well. The Company’s
operations include several international trading
companies that buy and sell steel and steel products
manufactured by the Company and others.
Nucor is North America’s largest recycler, using scrap
steel as the primary raw material in producing steel
and steel products. In 2016, we recycled
approximately 17.6 million tons of scrap steel.
3. Nucor Timeline
In 1905, Ransom E. Olds, creator of the Oldsmobile,
had a dispute with stockholders and left his own
company — Olds Motor Works. He soon formed REO
Motor Company, which evolved into the Nuclear
Corporation of America and ultimately, Nucor
1955 - While successful at first, REO ultimately relied
on defense contracts to stay in business. And when
the Korean War ended in 1955, so too did REO. Its
assets were merged with Nuclear Consultants, Inc. to
form Nuclear Corporation of America
1962 - This was the year that Nuclear Corporation
made two moves that would soon change the
company and ultimately the American steel industry.
First, they acquired a company called Vulcraft,
Second, to run Vulcraft, they hired a man named Ken
Iverson.
1965 - Barely staving off bankruptcy, Nuclear
appointed Ken Iverson as its new president. He acted
quickly to put the company on a course toward
profitability including selling off inefficient divisions.
1966 - Back on its feet, the company moves
corporate headquarters from Phoenix, Arizona to
Charlotte, North Carolina. Iverson proposes entering
the steelmaking business.
1969 - Nucor’s first mini mill, located in Darlington,
South Carolina, goes into production.
1971 - The board of directors elected to change the
name of the company from Nuclear Corporation of
America to simply Nucor.
1972 - Nucor is listed on the New York Stock
Exchange.
1979 - Nucor enters the cold-finish market with a
new mill in Norfolk, Nebraska
1980 – Nucor breaks into the Fortune 500
1986 - Nucor enters the steel fastener market with a
new production facility in St. Joe, Indiana.
1988 – Through a joint venture with Japanese
company Yamato Kogyo, The Nucor – Yamato plant in
Blytheville, Arkansas, becomes the first mini mill in
the U.S. to manufacture wide-flange beams with a
depth of 40 inches.
1989 - Nucor ushers in a new era of steelmaking as
thin-slab technology goes on-line at the new mini
mill in Crawfordsville, Indiana. It is the first mini mill
in the world to make quality flat rolled steel using
the technology.
4. Nucor Timeline - Continued
1995 - Ken Iverson steps down from day-to-day
operations and focuses on his role as chairman of the
board of directors.
1998 - Nucor announces plans to construct a state-
of-the-art plate mill facility in Hertford County,
North Carolina.
2000 - Dan DiMicco is named the new President and
CEO of Nucor. DiMicco has led the company through
an unparalleled period of growth and championed
their ongoing fight for fair trade practices to save
American jobs and our U.S. manufacturing industry.
2002 - Another world first: Nucor’s Castrip micro mill
goes on-line in Crawfordsville, Indiana. Producing
Ultra-Thin Cast Steel (UCS), the process instantly
transforms molten steel directly into steel sheets in
just one remarkable step. Compared to an integrated
steelmaking facility, the Castrip process consumes
about 95% less energy and emits less than one-tenth
the greenhouse gases.
2006 - To complement their SBQ mills in Nebraska
and South Carolina, Nucor opens a state-of-the-art
SBQ facility in Memphis, Tennessee. This makes the
Nucor SBQ product line one of the most diverse in
the industry.
2007 - Nucor’s $1.07 billion acquisition of Harris
Steel Group provides entry into the rebar fabrication
market and significantly advances Nucor’s
downstream growth initiatives.
2008 - Nucor acquires The David J. Joseph Company,
one of the nation’s largest scrap processors and
brokers. The acquisition gives Nucor further control
of its primary feedstock - scrap steel - which makes
up 75 to 90 percent of the materials used to recycle
steel.
2010 - From 2001 to 2010, Nucor grew at an
unprecedented rate, taking its place as the nation's
leading producer of steel. During that time, Nucor
made over 15 acquisitions, entered into multiple
partnerships, and developed a number of new
facilities and businesses.
2011 - Nucor begins development on its $750 million
direct reduced iron (DRI) facility. The innovative
direct reduction technology converts natural gas and
iron ore pellets into direct reduced iron used to
produce all kinds of high quality steel products.
2012 - Nucor enters into a long-term agreement with
Encana Oil & Gas (USA) Inc. that will ensure a
reliable, low cost supply of natural gas for Nucor's
existing and expected future needs for more than 20
years.
5. Nucor Timeline - Continued
2013 - John J. Ferriola assumes the role of Chief
Executive Officer and President of Nucor
Corporation, succeeding Dan DiMicco, who would
serve another year as Executive Chairman. The next
year, Ferriola would also take on the responsibilities
of Executive Chairman, as DiMicco was bestowed the
honorary title of Chairman.
2014 - Nucor’s $750 million direct reduced iron (DRI)
plant in St. James Parish, Louisiana becomes fully
operational. Production of DRI gives Nucor greater
flexibility to respond to increases and volatility in
raw material prices.
2015 - Nucor acquires Gerdau Long Steel’s Bright Bar
assets located in Orrville, Ohio, and Cartersville,
Georgia. The acquisition improves Nucor’s geographic
coverage and expands the company’s range of
products in this important market segment.
2016 - Nucor continues to execute its strategy for
profitable growth. The company announces a joint
venture with JFE Steel Corporation of Japan to build
a plant in central Mexico to supply that country’s
growing automotive market. Nucor also moves boldly
into the steel tubing market, with the acquisition of
Independence Tube Corporation, Southland Tube
Incorporated, and Republic Conduit.
7. Board of Directors - Continued
Board/Committee Position
2015
Annual Fee
($)
Lead Director $127,000
Board Member (non-employee directors) $95,000
Audit Committee Chairman $25,000
Compensation and Executive Development
Committee Chairman $17,000
Governance and Nominating Committee Chairman $14,000
Name
Fees Stock Total
Earned or Awards
Paid in
Cash
Peter C. Browning $47,500 — $47,500
Harvey B. Gantt $95,000 $139,962 $234,962
Gregory J. Hayes $120,000 $139,962 $259,962
Victoria F. Haynes $112,000 $139,962 $251,962
Bernard L. Kasriel $95,000 $139,962 $234,962
Christopher J. Kearney $95,000 $139,962 $234,962
Laurette T. Koellner $47,500 — $47,500
Raymond J. Milchovich $141,000 $139,962 $280,962
John H. Walker $95,000 $139,962 $234,962
9. Organizational Structure
Nucor has a simple, streamlined organizational structure to allow
employees to innovate and make quick decisions. The company is
highly decentralized, with most day to day operating decisions
made by a group or plant level managers and their staff. Each
group or plant operates independently as a profit center and is
headed by a general manager, who in most cases also holds the
title of vice president.
Chairman / Vice Chairman / President
Vice President / Plant General Manager
Department Manager
Supervisor
The organizational structure at a typical
plant has four layers:
1. General manager
2. Department manager
3. Supervisor or professional
4. Hourly employee
“We have a very flat organization
structure,” said president and CEO
John Correnti. “The standard joke in
the company is if you are a janitor and
you get five promotions, you have
Correnti’s job.
10. Mission Statement:
"Nucor Corporation is made up of
approximately 20,000 teammates
whose goal is to "Take Care of Our
Customers." We are accomplishing
this by being the safest, highest
quality, lowest cost, most productive
and most profitable steel and steel
products company in the world. We
are committed to doing this while
being cultural and environmental
stewards in our communities where
we live and work. We are succeeding
by working together. "
11. Nucor Strategy
Starting in 2000, Nucor
embarked on a five point
growth strategy that
involved new
acquisitions, new plant
construction, continued
plant upgrades and cost
reduction efforts,
international growth
through joint ventures,
and greater control over
raw materials.
12. Steel Industry
Companies in this industry manufacture pig iron, steel and
ferroalloys. Pig iron is often manufactured in a blast
furnace or via newer direct-reduction methods. Steel may
be manufactured in basic oxygen furnaces (newly made
steel) or in electric arc furnaces (recycled steel). This
industry also includes operators that manufacture basic
steel shapes, such as bars, plates, rods, sheets, strips and
wire or form pipes and tubes from steel they have
produced themselves.
Industry Structure
Life Cycle Stage: Mature
Revenue Volatility: High
Capital Intensity: Medium
Industry Assistance: High
Concentration Level: Medium
Regulation Level: Medium
Technology Change: Medium
Barriers to Entry: High
Industry Globalization: Medium
Competition Level: High
14. Market Share Data - Continued
84.9%
6.3%
3.1%
3.0%
2.7%
5.7%
Global Market Share %, By Volume, 2015
Other
ArcelorMittal
Hesteel Group
NSSMC
POSCO
24.5%
20.3%
14.4%
40.8%
United States Steel Market Share %, By
Volume, 2015
Nucor Corp.
ArcelorMittal
United States Steel Corp.
Other
27.0%
18.0%
17.0%
12.0%
8.0%
2.0%
2.0%
4.0%
10.0%
U.S. domestic steel shipments by market,
2015
Steel Service & Distribution Centers
Construction
Automotive Industry
Exports
Steel for Conversion & Processig
Containers & Packaging
Oil & Gas Industry
Non-Classified
All Other
16. Short Range Forecast
In 2017 and 2018 there will be a cyclical upturn in steel demand with a continuing recovery in the developed
economies and an accelerating growth momentum in the emerging and developing economies.
China, which accounts for 45% of global steel demand, is expected to return to a more subdued growth rate.
For this reason, overall growth momentum will remain modest.
In 2017-18 oil prices are expected to show a moderate gain. The mildly rising oil prices may stimulate
investment in economies worldwide.
The construction, building and infrastructure sector, which accounts for 50% of global steel use, has been
showing a divided picture between the developing and developed economies.
This sector has been a major driver for steel demand in the developing countries driven by
urbanization, but activity in the developed economies since the 2008 financial crisis has been more
subdued.
This appears to be about to change with a recovery in construction activities apparent in the EU
through the improving economic conditions and the potential renewal initiatives for infrastructure in
the US.
While the Chinese economic outlook appears stable and steel demand continues to remain strong in the
early part of 2017, this is expected to gradually decelerate as the government tries to retighten its real
estate policies.
China’s steel demand is expected to remain flat in 2017 and then decline by -2% in 2018.
Steel demand in the developed economies will increase by 0.7 % in 2017 and 1.2 % in 2018.
Steel demand in the emerging and developing economies excluding China, which accounts for 30% of world
total, is expected to grow by 4.0% in 2017 and then 4.9% in 2018.
17. Stock Analysis
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Stock Analysis: 1 Year
Nucor (NUE) ArcelorMittal (MT) United States Steel Corp. (X)
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Stock Analysis: 5 Year
Nucor (NUE) ArcelorMittal (MT) United States Steel Corp. (X)
21. Altman Z Score, Tobin’s Q & DuPont Analysis
(Working Capital / Total Assets * 1.2 )
2012-12 2013-12 2014-12 2015-12 2016-12
Working Capital $3,631 $4,450 $4,344 $4,369 $4,116
Total Assets $14,152 $15,203 $15,616 $14,250 $15,224
A 0.26 0.29 0.28 0.31 0.27
+ ( Retained Earnings/ Total Assets * 1.4)
2012-12 2013-12 2014-12 2015-12 2016-12
Retained Earnings $7,125 $7,140 $7,378 $7,256 $7,631
Total Assets $14,152 $15,203 $15,616 $14,250 $15,224
B 0.50 0.47 0.47 0.51 0.50
+ (EBIT/Total Assets * 3.3 )
2012-12 2013-12 2014-12 2015-12 2016-12
EBIT $853 $791 $1,205 $709 $1,299
Total Assets $14,152 $15,203 $15,616 $14,250 $15,224
C 0.06 0.05 0.08 0.05 0.09
+ (Market Value / Total Liabilities * .6 )
2012-12 2013-12 2014-12 2015-12 2016-12
Shares (Millions) 318 319 320 321 320
Book value per Share $24.06 $23.89 $24.24 $24.25 $24.24
Market value $7,651 $7,621 $7,757 $7,784 $7,757
Total Liabilities $6,510 $7,558 $7,843 $6,834 $7,344
D 1.18 1.01 0.99 1.14 1.06
+ (Sales / Total Assets * 1.1 )
2012-12 2013-12 2014-12 2015-12 2016-12
Revenue $19,429 $19,052 $21,105 $16,439 $16,208
Total Assets $14,152 $15,203 $15,616 $14,250 $15,224
E 1.37 1.25 1.35 1.15 1.06
2012-12 2013-12 2014-12 2015-12 2016-12
Altman Z Score 3.29 3.04 3.19 3.08 3.01
*USD in millions except per share data.
Total Assets / Market Value
2012-12 2013-12 2014-12 2015-12 2016-12
Total Assets $14,152 $15,203 $15,616 $14,250 $15,224
Market value $7,651 $7,621 $7,757 $7,784 $7,757
Tobins Q 0.54 0.50 0.50 0.55 0.51
Net Income $505 $488 $714 $358 $796
Revenue $19,429 $19,052 $21,105 $16,439 $16,208
Profitability Margin 2.60% 2.56% 3.38% 2.18% 4.91%
Revenue $19,429 $19,052 $21,105 $16,439 $16,208
Total Assets $14,152 $15,203 $15,616 $14,250 $15,224
Total Asset Turnover 1.37 1.25 1.35 1.15 1.06
Total Assets $14,152 $15,203 $15,616 $14,250 $15,224
Total Stockholders'
equity $7,642 $7,646 $7,772 $7,417 $7,880
Financial Leverage 1.85 1.99 2.01 1.92 1.93
ROE 6.61% 6.38% 9.19% 4.83% 10.10%
22. Porter’s Five Forces
New Entrants:
Entering the steel market requires significant capital outlay.
Large capital, Economic of scale
Govt. rules and regulation
Substitute Products:
Substitutes exist in the form of aluminum, plastics and composites
use of substitute materials may be inferior in buyer industries.
Buyer Power:
Buyers are primarily large sized and include vehicle manufacturers and
construction companies.
This size advantage tends to strengthen their power, as they can
negotiate lower input prices from steel manufacturers.
Supplier Power:
Globally, the top three mining giants BHP Billiton, CVRD and Rio Tinto
supply nearly two-thirds of the processed iron ore to steel mills and
command very high bargaining power.
Degree of Rivalry:
The steel markets are highly competitive and a number of firms,
domestic and foreign, participate in the steel and raw materials
markets
23. SWOT Analysis: Strengths
Diversified and balanced product mix
Performance is not tied to any one steel
market due to their product line diversity
Robust production assets
Leading market position in North America
Unique Management Philosophy
Strong and efficient Administration
Strategic Merger & Acquisition to increase
capacity and size
Continuous adoption of new technology
24. SWOT Analysis: Weaknesses
Dependence on outside vendors for raw materials
Nucor relies rely to an extent on outside vendors to supply the
company with raw materials, including both scrap and scrap
substitutes that are critical to the manufacture of the products.
Although Nucor has further vertically integrated the business they
still must purchase most of the primary raw material, steel scrap,
from numerous other sources located throughout the US.
Capital investment and maintenance expenditures
The company's operations are capital intensive. The business also
requires substantial expenditures for routine maintenance. Although
Nucor expect requirements for the business needs, including the
funding of capital expenditures, debt service for financings and any
contingencies, will be financed by internally generated funds or from
borrowings under the $1.5 billion unsecured revolving credit facility.
Substantial capital investment and maintenance expenditures, and
the capital resources may not be adequate to provide for all of the
cash requirements. High capital investments and maintenance
expenditures would reduce the revenues of the business.
Too much dependency on US Market
There is a lack of market diversification as it derives most of its
revenue from the US. This exposes them to the fluctuation in the US
economy as demand for steel will decrease when the economy
slacken and they would not have an alternative avenue to derive
their revenue.
25. SWOT Analysis: Opportunities
Continued expansion through acquisition of failing steel makers.
The onslaught of cheap steel imports is driving many inefficient US steel makers into
bankruptcy. This represents an opportunity for Nucor to expand through acquisition.
Joint Ventures into developing and growing markets
A joint venture with JFE Steel Corporation of Japan to build a plant in central Mexico to
supply that country’s growing automotive market.
Continued expansion of value-added products
Nucor has invested significant capital in recent years to expand their product portfolio to
include more value-added steel mill products
Shifting product mix to a greater portion of value-added products and increasing end-user
market diversity will make Nucor less susceptible to imports.
Vertical Integration or establish partnerships with the energy providers to
ensure a reliable low cost of energy.
Nucor’s long-term agreement with Encana Oil & Gas (USA) Inc. that will ensure a reliable,
low cost supply of natural gas for Nucor's existing and expected future needs for more than
20 years.
Align with other American Steel Manufacturers and the U.S. Department of
Commerce to circumvent the dumping of Import Steel and impose duties and
tariffs.
Aggressive trade practices, left unchallenged, seriously undermine the ability of Nucor and
other domestic producers to compete on price. Rigorous trade law enforcement is critical to
our ability to maintain our competitive position against foreign producers that engage in
unlawful trade practices. Nucor has been active in calling on policymakers to enforce global
trade agreements.
26. SWOT Analysis: Threats
Changes in the availability and cost of electricity and natural gas.
Steel mills are large consumers of electricity and natural gas. In addition, the DRI facilities
are also large consumers of natural gas. Nucor relies upon third parties for the supply of
energy resources consumed in the manufacture of their products. The prices for and
availability of electricity, natural gas, oil and other energy resources are subject to volatile
market conditions.
Environmental compliance
The operations are subject to numerous federal, state and local laws and regulations
relating to protection of the environment
Competitors, particularly foreign steel producers and manufacturers of competitive
products, are not subject to similar regulation and required to incur equivalent costs, the
competitive position could be materially adversely impacted.
Intense competition
Nucor faces strong competition from other steel producers and imports that compete with
the products on price and service. The steel markets are highly competitive and a number
of firms, domestic and foreign, participate in the steel and raw materials markets.
Impact of Chinese Steel Production
In 2015, China accounted for half of the world’s steel production, compared to 15 percent in
the year 2000. The rapid and significant increase in steel production in developing countries
has led to dangerous levels of overcapacity that have significantly impacted broader global
markets. Without an effective capacity reduction plan in coming years, severe overcapacity
in China will continue to harm the global steel industry.
27. Risk Factors
Overcapacity in the global steel
The Steel industry remains greatly constrained by the
impact of global overcapacity. Weak economic conditions
in Europe, slow growth in China and a strong U.S. dollar
relative to other foreign currencies continue to make the
U.S. markets a prime target for foreign steel imports.
The rapid and significant increase in steel production in
developing countries has led to dangerous levels of
overcapacity that have significantly impacted broader
global markets. Without an effective capacity reduction
plan in coming years, severe overcapacity in China will
continue to harm the global steel industry.
For the last few years, the U.S. steel market has been
besieged by a flood of imported steel, much of it
illegally subsidized in violation of trade laws. These
imports drove down both capacity utilization rates and
steel prices.
This overcapacity and the slowdown in demand in China
have resulted in a further increase in imports of
artificially low-priced steel and steel products to the
United States and world steel markets. Steel and steel
products which would otherwise have been consumed by
the local steel customers could then be displaced into
global markets, putting Nucor’s steel and steel products
at a competitive disadvantage.
28. Risk Factors
Competition from other producers, imports or
alternative materials
There is strong competition from other steel producers
and imports that compete with Nucor’s products on price
and service. The steel markets are highly competitive
and a number of firms, domestic and foreign, participate
in the steel and raw materials markets.
In many applications, steel competes with other
materials, such as concrete, aluminum, composites,
plastic and wood. Increased use of these materials in
substitution for steel products could have a material
adverse effect on prices and demand for Nucor’s steel
products.
Since 2011, automobile producers have begun taking
steps towards complying with new Corporate Average
Fuel Economy mileage requirements for new cars and
light trucks that they produce. As automobile producers
work to produce vehicles in compliance with these new
standards, they may reduce the amount of steel or begin
utilizing alternative materials in cars and trucks to
improve fuel economy.
29. Risk Factors
Nucor’s operations are sensitive to volatility in
steel prices and the cost of raw materials
Nucor relies to an extent on outside vendors to supply
them with raw materials, including both scrap and scrap
substitutes that are critical to the manufacture of their
products.
Although they have vertically integrated their business
by constructing our DRI facilities in Trinidad and
Louisiana and also acquiring DJJ, they still must
purchase most of our primary raw material, steel scrap,
from numerous other sources located throughout the
United States.
Prices of these critical raw materials are volatile and are
influenced by changes in scrap exports in response to
changes in the scrap, scrap substitutes and iron ore
demands of our global competitors.
Many countries that export steel into US markets restrict
the export of scrap, protecting the supply chain of some
foreign competitors. This trade practice creates an
artificial competitive advantage for foreign producers
that could limit Nucor’s ability to compete in the U.S.
market.
30. Risk Factors
Changes in the availability and cost of electricity and
natural gas are subject to volatile market conditions
Nucor’s steel mills are large consumers of electricity and
natural gas. In addition, our DRI facilities are also large
consumers of natural gas. Nucor relies upon third parties
for the supply of energy resources consumed in the
manufacture of their products.
The prices for and availability of electricity and natural
gas are subject to volatile market conditions.
Increases in their energy costs resulting from regulations
that are not equally applicable across the entire global
steel market could materially adversely affect their
business.
31. Problem Statement
How can Nucor Sustain economic
growth and competitive advantage
in a market saturated by global
overcapacity?
32. Recommendations/Alternatives
a. International Expansion – Joint Venture
i. Mitigates the risk associated with the US Market
and it’s cyclical traits
ii. Helps open up new markets of opportunities and
lessens dependence on US Market.
iii. Nucor has prior experience with establishing
successful joint ventures
iv. Potential to establish new suppliers through market
or business partner in the joint venture.
v. Further increases bargaining power over suppliers
vi. Potentially could speed the development of new
technologies and or product innovations, allowing
Nucor to keep its competitive advantage as a low
cost producer.
b. Acquisitions – Domestic Expansion
i. Due to the Global Overcapacity, much of the
American Steel Industry is cash-flow negative at
current steel prices, allowing for acquisitions at
bargain prices.
ii. Competitiveness - staying ahead of domestic rivals
iii. Potentially better off purchasing existing plant
capacity and retrofitting with new equipment then
building new capacity.
iv. Strengthen Nucor’s customer base, geographic
coverage and lineup of product offerings
c. Continue expanding product portfolio to include
more value-added
i. The development of innovative value-added steel
products will be a necessity as the broader supply
chain and other industries look for ways of
optimizing their own
• For instance, automotive manufacturers seek
materials that are lightweight yet robust to
increase mileage and absorb energy on
impact, while oil and gas majors require steel
products that can withstand demanding
extraction conditions
ii. Value-Added Products command higher prices and
yield better profit margins
d. Align with US Steel Manufacturers and the US
Department of Commerce to enforce Trade Laws
and various organizations to combat global steel
production overcapacity.
i. U.S. steel producers have been fighting back by filing
trade cases to ensure our trade laws are
ii. Nucor thrives in a marketplace where winners are
determined by real economic advantage, not
advantages derived by artificial or illegal means
iii. Strong trade enforcement should result a decrease
in Steel imports which would result improved
margins for U.S. steelmakers.
iv. iv. Work with steel associations, NAFTA partners, the
Organization for Economic Cooperation and
Development and the G20 to develop a plan to
reduce excess capacity.
33. Best Solution – Combination A & D
a. International Expansion – Joint Venture
i. Mitigates the risk associated with the US
Market and it’s cyclical traits
ii. Helps open up new markets of
opportunities and lessens dependence
on US Market.
iii. Nucor has prior experience with
establishing successful joint ventures
iv. Potential to establish new suppliers
through market or business partner in
the joint venture.
v. Further increases bargaining power over
suppliers
vi. Potentially could speed the development
of new technologies and or product
innovations, allowing Nucor to keep its
competitive advantage as a low cost
producer.
d. Align with US Steel Manufacturers and the US
Department of Commerce to enforce Trade Laws
and various organizations to combat global
steel production overcapacity.
i. U.S. steel producers have been fighting back by
filing trade cases to ensure our trade laws are
ii. Nucor thrives in a marketplace where winners are
determined by real economic advantage, not
advantages derived by artificial or illegal means
iii. Strong trade enforcement should result a decrease
in Steel imports which would result improved
margins for U.S. steelmakers.
iv. iv. Work with steel associations, NAFTA partners,
the Organization for Economic Cooperation and
Development and the G20 to develop a plan to
reduce excess capacity.