Ken Iverson

"If you invite your employees to really speak their minds, make critically important decisions, sions, and take on crucial responsibilities, where might it lead? But this time, make a conscious effort to block anxiety from rushing in with visions of chaos. Turn the question over to your curiosity, to the "blue sky" thinker within you. Picture your employees ees pursuing goals-the goals you have set-with a fervor that goes beyond what you would dare ask of them. Envision them doing wonderful things that will make you look very smart. Focus on the upside. Wouldn't you like to know just how good things could really be?"

"Here is the gist of my opening remarks to them: Many of you, with your short-term view of corporations, rations, remind me of a guy on drugs. You want that quick fix, that high you get from a big spike in earnings. So you push us to take on more debt, capitalize start-up costs and interest, and slow down depreciation and write-offs. All you're thinking about is the short term. You don't want to think about the pain of withdrawal that our company will face later on if we do what you want. Well, Nucor isn't going to respond to that kind of thinking. We never have and we never will."

"When I think of the millions of dollars spent by people at the top of the management hierarchy on efforts to motivate people who are continually put down by that hierarchy, I can only shake my head in wonder. What on earth are they thinking? We think you can get a heck of a lot further simply by minimizing mizing the distinction between management and any other employee in the company."

"while there are many good ways to manage, there is no excuse for being wishy-washy about how you will manage. You must choose-Where will decisions sions be made, and by whom, within your operations?"

"These gatherings remind our general managers that their idea isn't the only idea, and that their answer isn't the only answer. They do that for each other three times a year. They may not always like it, but they know it's healthy."

"Ken Iverson’s view of risk was similar to a story Herb Kelleher told about Thomas Watson, the disciple of John H. Patterson."

"For John Patterson, the vision was more than providing the best cash register; it was keeping employees from stealing from their employers. For Simon Marks, it was to bring high-quality clothing and other merchandise to the masses. For Sol Price, it was to sell the best products at the lowest price. For Les Schwab, it was to give the customer the best service and to provide opportunities for employees to succeed. For Herb Kelleher, it was to bring flying to the masses, with the cheapest fares and best customer service. For Chester Cadieux, it was to provide customers with the greatest convenience. For Ken Iverson, it was to become the most efficient and cheapest steel operator. In every case, all employees knew their company’s mission and embraced it fully."

"Ken Iverson said, “In fact, communication is probably the single greatest virtue of smallness.”"

"Ken Iverson stated, “Every decision we make as managers is rooted in long-term perspective.”16"

"Intelligent Fanatic CEO Characteristics CEO Industry Experience Long-Term View Superpower of Incentives Ownership Mind-Set Productive Paranoia Experimentation Decentralized John H. Patterson None ✔ High High High ✔ Yes Simon Marks Minimal ✔ Medium High High ✔ Yes Sol Price None ✔ Medium High High ✔ Yes Les Schwab None ✔ High High High ✔ Yes Herb Kelleher None ✔ High High High ✔ Yes Chester Cadieux None ✔ High High High ✔ Yes Ken Iverson None ✔ High High High ✔ Yes 3G partners None ✔ High High High ✔"

"Ken Iverson, Plain Talk: Lessons from a Business Maverick"

"Ken Iverson was quoted as saying that 40% bonuses used to “scare” him, but as he fully understood the power of the incentive structure, he began to worry when bonuses were too small. “If a man produces a great deal, you’d be amazed at how much you can pay him.”"