Memo *Company Facts*:Since the company was renamed Nucor is 1972, it has expanded continuously as evidenced by the fact that the total sales has increased from $83 million in 1972 to $755 million today (Exhibit 6), thus making it the second most productive steelmaker in the world in 1985. Over this period, we have outperformed many of our competitors. Exhibit 7 proves this point. Our stock price has increased 647% between the years of 1972 and 1986. This increase is more than five times the increase of stock price of our next closest competitor, Florida Steel Corporation. This type of growth in a company does not happen by accident; it is a direct result of our strategy. Our partnership with David Joseph plays a major role in our success. It gives us an edge on our competitors when thinking about the inbound logistics of Nucor. David Joseph allows us to avoid the headaches many other companies face with suppliers because they are an independent agent. We do not have to waste time haggling about prices and can order from them on a just in time basis. This saves us time and money and provides for a relatively stress-free environment when ordering supplies. From the beginning, our management team has believed the best companies have the fewest layers of management. In your own words, Mr. Iverson, “the fewer you have, the more effective it is to communicate with employees and the better it is to make rapid and effective decisions.” This statement has proven true in our company and has allowed us to become a very successful company. The hierarchy we have, or lack there of in comparison to other companies, saves us time and money when making decisions and also creates an environment and culture that everyone wants to be a part of. Warren Buffett put it best when he said, “If I were a blue collar worker, I would like to work for Nucor”. The fact people want to work for us allows us to attract and hire the best employees in the workforce. This is also the reason the...