aws, and a changing cost structure among producers (Barnes and Tyler 244). The declining economy led to
reduced fuel costs, but also a reduced demand for automobiles, construction, and farm equipment. In March, 2001, Nucor made its first acquisition in years, buying a mini-mill in New York from Sumitomo Corp. It was cheaper to buy than to build plants in the challenged industry. Nucor took advantage of the downturn in the industry to take market share and invest in new facilities. In 2001, Nucor shipped a record tonnage of steel, yet profits were down by 30 percent: it was a bad year for Nucor.
In April, 2005, Business Week gave Nucor the top spot in this year's BusinessWeek 50 (BusinessWeek). It notes how CEO Daniel R. DiMicco spent more than $1.1 billion since 2001 to buy up 10 steel plants, taking advantage of the downturn in the steel indus