Tuesday, October 22, 2019
Nucor Competitive Strategy Essays
Nucor Competitive Strategy Essays Nucor Competitive Strategy Paper Nucor Competitive Strategy Paper NUCOR COMPETITIVE STRATEGY ANALYSIS CONTENTS 1. Case Profile 2. Situational Analysis 2. 1General External Environment (PESTLE model) 2. 1. 1 Political/Legal 2. 1. 2 Economic 2. 1. 3 Sociocultural 2. 1. 4 Technological 2. 1. 5 Environmental 2. 1. 6 Demographic 2. 1. 7 Global 2. 1 Industry Analysis (Porter 5 Forces) 2. 2. 1 Threat of new entrants 2. 2. 2 Bargaining power of suppliers 2. 2. 3 Bargaining power of buyers 2. 2. 4 Threat of substitute products 2. 2. 5 Intensity of rivalry 2. 3 Competitive Environment Analysis 2. 3. Future objectives 2. 3. 2 Current strategy 2. 3. 3 Assumptions 2. 3. 4 Capabilities 3. Strategic Analysis 3. 1 Strategies 3. 1. 1Operational level 3. 1. 2Business level 3. 1. 3Competitive level 3. 1. 4 Corporate level 4. Core Competencies 4. 1Tangible resources 4. 2Intangible resources 4. 3Capabilities 5. Value Chain 6. Sustainable Competitive Advantage 7. Performance Appraisal 8. SWOT Analysis 8. 1 Strengths 8. 2 Weaknesses 8. 3 Opportuni ties 8. 4 Threats 9. Strategy Formulation and Implementation 9. 1 New Initiatives to Sustain Growth APPENDIX 1: Top-30 producers by International Iron Steel Institute APPENDIX 2: Top Competitors Key Measures: NUCOR APPENDIX 3: FIVE-YEAR FINANCIAL REVIEW FOR NUCOR (2002-2006) Case Study Analysis: NUCOR 1. Case Profile Nucor Corp. , the U. S largest mini-mill operator1 and largest steel manufacturer by tons produced2, continues to lead the industry in efficiency, technological innovation, profitability and delivery of high quality products at low cost structure, after a record of more than 16 years of rapid growth in a declining industry3. And with a strong relationship with its workers without unionization, Nucorââ¬â¢s employees claimed to be the industryââ¬â¢s most satisfied, most motivated and most productive, making them a formidable workforce. This case considers how Nucor has achieved its success and how to sustain it. 2. Situational Analysis 2. 1. General External Environment (PESTLE model4) 2. 1. 1. Political/legal. The steel industry has seen rocky labour relations since the late 19th century with fatalities to striking workers4. Majority of workers are represented by the United Steel Workers of America. Another issue is the integrated steel producers have filed charges against importers of dumping steel prices, blaming them especially Japan, for declining market shares. Nucorââ¬â¢s plant in Hertford County was located on the banks of a fishery that required restoration in a law passed in 1997. 2. 1. 2 Economic. Steel industry is a cyclical business, subject to economic fluctuations since it depended on durable and capital goods (car, building). The industry does well during economic expansion and suffers losses and even bankruptcies during economic downturn. . 1. 3. Sociocultural. The industry became a source of employment, symbolizes American economic power and pride during good times and symbolizes economic decline and source of shame when foreign companies took over market shares5. 2. 1. 4. Technological. Technology drives major changes in the production process to increase flexibility, efficiencies and allowed automation which include the continuous casting technology, blast oxygen furnace and electric arc furnace. 2. 1. 5. Environmental. Nucorââ¬â¢s mill in Crawfordsville, Indianna was alleged to have violated federal and state clean air rules and discharge of 6,720 tons of pollutants into the air each year by U. S. Environmental Protection Agency. 2. 1. 6. Demographic. Mini-mills which are located close to customer base has moved as population of U. S. moved to south and west. Demographic shifts affect the industry since construction utilizes a significant amount of steel. 2. 1. 7. Global. U. S. steel exports were negligible although it had grown to 3% to 5% by the 1990s6. The U. S. teel industry has benefited greatly from the Japanese mill from their large investments in U. S. joint venture projects, new technologies, high productivity and quality product7. Globalization will subject U. S. steel makers to vulnerable changes. 2. 2. Industry Analysis Porterââ¬â¢s Five Forces Analysis 2. 2. 1) Threat of new entrants. For mature integrated steel industry, threat is low due to economies of scale, high capital inje ction, cyclical nature of business and difficult access to supply and distribution; but slightly higher for mini-mill because of lower capital commitment and scale. . 2. 2) Bargaining power of suppliers. For integrated steel makers, they have effectively neutralized the suppliersââ¬â¢ bargaining power by backward integration (steel makers acquiring coal/coke mines and transportation facilities). For mini-mill, their reliability on scrap metal has given supplier moderate to high bargaining power. Higher cost of scrap metal due to limited supply has forced mini-mill to more costly materials like iron carbide. Nucor reduced the bargaining power of steel scrap supplier by backward integration. 8 2. 2. ) Bargaining power of buyers. It is weak to moderate since producers can threaten major distributors and wholesalers with forward integration (taking over direct distribution). But the large buyers (e. g. car makers) have more bargaining power. For example, the U. S. steel producers had to fulfill Japanese automakersââ¬â¢ quality and standards before they were allowed to supply the Japanese auto plants in the U. S. 9 2. 2. 4) Threat of substitute products. The threat is high in applications where strength is a not crucial concern but cost is (e. g. lastic, wood, synthetic materials, fiberglass); low for applications that require strength since substitute materials are just not strong enough10. Also, the many composition steel can be produced reduce the threat. 2. 2. 5) Intensity of rivalry. It is a highly competitive market with high exit barriers since assets are specialized, increase of mini-mill competitors taking on production of steel sheets and other steel products, stagnant demand, many global competitors, commodity-like products that minimizes switching costs and customer loyalty and excess capacity11. 2. 3. Competitive Environment Analysis Nucor has grown to become the largest steelmaker in the US by tonnage2. To have a sustainable market leader position, it must continue to compete for more market share from the large, integrated steelmakers. Although Nucor is the first mover in the mini-mill sector, it must also compete against second movers. 2. 3. 1) Future objectives. Nucorââ¬â¢s primary objective is ââ¬Å"the production of high volumes of quality, low-cost steel. â⬠12 It has an ambitious annual earnings growth of 10-15%. Nucorââ¬â¢s competitors would have the same objective, but unlikely the same high annual growth. Nucorââ¬â¢s competitors will be less risk-taking, giving Nucor a distinct advantage since a risk-aversive approach produces lower returns. 2. 3. 2) Current strategy. Nucorââ¬â¢s strategy is cost leadership. Even if there are changes in the competitive environment, this strategy is preferred since steel is a commodity-like product. While some mini-mill competitors follow a differentiation strategy, most follow a cost leadership strategy, though not very successfully. 2. 3. 3) Assumptions. It is a general assumption for all competitors that cyclical fluctuations are continuous. Nucorââ¬â¢s competitors often looked like operating under a status quo while Nucor has grown to produce sheet-fed steel and stainless steel in its mini-mills, a seemingly impossible task. 2. 3. 4) Capabilities. Nucorââ¬â¢s strengths include highest productivity, lowest cost structure and a high profitability (30 years of continuous profits)13 in the industry and excellent labour-management relations. Nucorââ¬â¢s weakness, comparing to its competitors, is more exposure to short-term losses and temporary setbacks resulting from risk-taking. The large integrated steel producers are comparatively strong in terms of size, established customer base and economies of scale. In terms of tonnage produced, Nucor ranked 8th globally with 20. 3 tons in 2006 (Appendix 1). Nucor could further strengthen its position as it is not far from the worldââ¬â¢s 2nd largest steelmaker (Nippon Steel, Japan) of 34. 7 tons. ROE wise (Appendix 2), Nucor is much stronger than its competitors with 29. 38 as compared to Commercial Metals Coââ¬â¢s 22. 63 and U. S Steelââ¬â¢s 17. 79. ROA wise, Nucor is also much stronger than its competitors with 15. 6 as compared to 8. 33 and 7. 13. Nucor is more financially sound than its competitors with a current ratio of 2. 06 as compared to 1. 69 and 1. 59. 3. Strategic Analysis 3. 1 Strategies 3. 1. 1) Operational level. Nucorââ¬â¢s operational level strategy is core process re-engineering. This includes pre-heating the ladles allowing for faster flow of steel into the caster, continuous casters and a processes design that limit work-in-progress inventory, limit space and increase flexibility. . 1. 2) Business level. Nucorââ¬â¢s business level strategy is low cost leadership, keeping with its primary objective of the production of high volumes of quality, low-cost steel. 3. 1. 3) Competitive strategy. Nucor is the industryââ¬â¢s catalyst for technology innovation. It pioneered and took lead of the mini-mill concept, which later produce sheet steel and thin slab stainless steel. Also taking risk with a focus on lon g-term gains (versus short term risks). 3. 1. 4) Corporate level. To achieve its goal, Nucor diversify throughout the steel business. Nucor ventured into traditional bastions of integrated steelmakers (sheet steel, stainless steel), not constrained by the mini-mill format. Nucor has engaged in numerous upstream and downstream diversification. 4. Core Competencies Core competencies are special capabilities that are critical to a business achieving competitive edge. It is harmonizing of diverse production skills integrated with technological development. 19 4. 1) Tangible resources. Nucorââ¬â¢s tangible resources include strong financial resources with a proven ability to generate internal funds and a track profitability record that gives it enormous borrowing power. Organizational resources appear slim without formal planning, coordinating or controlling systems. Physical resources include 8 high-performing mini-mills strategically located to customer base and good access to raw materials with the companyââ¬â¢s new iron carbide plant. Nucor has considerable technological resources, mainly involving process. 4. 2) Intangible resources. Many innovative ideas come from its human resources. Human resources include knowledge of the business know-how, motivation to perform and strong worker-management trust and co-operation. . 3) Capabilities. This includes the capability to produce high volumes of quality low-cost steel, innovative technology, continuous process refinement, continuous productivity improvement, motivated workforce, strong corporate culture. Employees are encouraged to take risk and a high tolerance for failure is given. Employees have a sense of ownership, exceedingly loyal and share a common goal of ensuring Nucorââ¬â¢s meets i ts primary objective. These give Nucor a competitive edge that is costly and difficult to imitate17. And the costly duplication suggests that the resource or capability is inelastic in supply, earning the firm who possess it an economic rent. 18 5. Value chain analysis i. Support Activities Firm InfrastructureWith no formal planning or formal mission, possess a strong culture Human Resource ManagementNot unionized, rewards risk-taking, high tolerance for failure, performance based bonus plans, encourage employee suggestions Technology Developmentcontinuous process refinement, continuous improvement, licensing/buying technology ProcurementUpstream diversification, process innovation i. Primary Activities Inbound LogisticsOperationsOutbound LogisticsMarketing SalesService cost focused, coordinated with operational needsEfficient, low cost, high productivity, meeting or exceeding quality requirements, continuous improvementafter-sale support 6. Sustainable Competitive Advantage Sustainable competitive advantage is derived from the trust-based working relationships along with a high to lerance for failure, would allow Nucor to take the risk needed to produce sustainable growth. The source of this trust is in Nucorââ¬â¢s distinctive human resources strategy, which is characterized by informality, ad hoc planning, pay for performance, and employee empowerment. 14 7. Performance Appraisal For the last five years, Nucorââ¬â¢s sales have increased over 240% from $4. 33 billion (2001) to $14. 75 billion (2006). Average sales price per ton has increased 88% from $354 (2001) to $667 (2006). Total tons sold to external customers have increased 81% from 12,237,000 tons (2001) to 22,118,000 tons (2006) (Appendix 3) (Figure 1). This rapid growth has been derived from acquisitions, optimizing existing operations and developing traditional greenfield projects using innovative technologies. Nucor achieved record sales and net earnings in 2006 for the 3rd consecutive year due to historically high selling prices, margins and shipments. Nucor was strengthened as North Americaââ¬â¢s most diversified steel producer. With this diverse product line, Nucorââ¬â¢s short-term performance which is not dependant on any single market has been able to maintain profitability every year and every quarter since 1966. (Figure 2). Figure 1: Nucorââ¬â¢s Average Sales Price Per Ton Total Tons Sold Figure 2: Nucorââ¬â¢s Diversified Product Mix 8. SWOT Analysis 8. 1. Strengths 1. Strong financial resources (profits, returns) 2. Industry leading low cost structure 3. Motivated workforce 4. Strong corporate culture 5. Innovation resources 6. Trust-based relationships 7. Technological expertise 8. Strong physical resources 9. Strategic management leadership style 8. 2. Weaknesses 1. Vulnerable to losses and setbacks from risk-taking 2. Lack of formal organizational systems may reduce efficiency 3. High tolerance for failure risks potential loss 4. Vague marketing structure or strategy 8. 3. Opportunities 1. Expand into additional specialty products 2. Downstream diversification 3. Directly produce steel from iron carbide, eliminating the need for electric furnaces. 4. Growth and innovation through joint venture projects 5. Maintaining market leadership position 6. Exporting 7. Soaring global steel prices15 8. 4. Threats 1. Substitute products 2. Second mover mini-mill competitors 3. Integrated steelmaker competitors 4. Economic downturn 5. Sub-prime crisis in property industry 6. Globalization with consolidating competitors 7. Global oversupply (China slowed down by December 2004 and became net exporter) 8. A new technology called Finex (by Posco in South Korea) Weaknesses and Threats- Nucor does not have serious weakness but only unused production capacity and a non-differentiated product. Serious threats from foreign competitors (e. g. Acelor Mittal) consolidating could affect Nucorââ¬â¢s growth. Such intense rivalry may also lead to price wars. Weaknesses and Opportunities- With soaring steel prices, expansion and vertical integration would give a better return. Strengths and Threats- Expanding its product line could mitigate the threats from foreign and local competitors, given soaring steel prices will give better return. Consolidate with other steelmakers would make Nucor a bigger player globally. Using its market dominance, Nucor could negotiate with the government for better regulations against the foreign competitors. With its financial and leadership resources, Nucor should secure more backward integration into scrap steel market. Joint venture with Posco (South Korean steelmaker) to leverage new technology. Strengths and Opportunities- Nucor has the financial, human and technological resources to penetrate new market, to expand product range, to compete in the stainless steel market and to joint with Japan to open new market in the Asian region. . Strategy Formulation Implementation Nucorââ¬â¢s current strategy is working. Its unique corporate culture and distinctive human resources strategy which produced a non-substitutable trust-based relationship, give Nucor a sustainable competitive advantage, contrasting the antagonistic relations in the steel industry. This trust enables Nucor to take risk which facilitates its growth. As an engineer from a major integrated mill said upon visiting a Nucor plant, that Nucorââ¬â¢s culture were such that everyone work hard and help each other, collectively survive and meet with success. But theirs is one of aggression, confrontation and lack of trust. 16 9. 1. New Initiatives to Sustain Growth Nucor should further leverage its sustainable competitive advantage by expanding more aggressively, taking the following steps: 1. To build an additional iron carbide plant to increase the availability of low-cost raw materials. 2. To carry out market research to ascertain: a) Expand product line and downstream steel business (e. g. steel for building, bridges, highways, roof decking, flooring); b)Export market; c) Competitorsââ¬â¢ current strategies, weaknesses and strengths; d) Joint venture partners and projects ) Expand domestic markets f) Backward integration (e. g. scrap brokerages) 3. To develop strategic marketing program 4. Add an employee stock ownership program to further reinforce employeesââ¬â¢ sense of ownership and loyalty. REFERENCES 1. bizjournals. com/charlotte/stories/2008/04/21/daily34. html 2. anbhf. org/laureates/keniversen. htm 3. Johnson, G. Sc holes, K. (2005) Exploring Corporate Strategy: Text and Cases, Prentice Hall, London 4. http://en. wikipedia. org/wiki/U. S. _Steel_Recognition_Strike_of_1901 5. John H. Sheridan, 1996 ââ¬Å"New Era ââ¬â Or Breather? Industry Week, 5 February, pp 49 6. Brian K. Boyd Steve Gove, ââ¬Å"Nucor Corp. And the U. S. Steel Industry,â⬠In: Strategic Management: Competitiveness and Globalization by Michael A. Hitt, R, Duane Ireland, Robert E. Hoskisson (Cincinnati, OH: South-Western College Publishing, 2001), pp C479 7. Bryan Berry, (1996) ââ¬Å"World Steel: Competing Strategies in Metallics, Melting, and Casting,â⬠Iron Age New Steel, 12(4), April, pp 74. 8. Bryan Berry, (1996) ââ¬Å"World Steel: Competing Strategies in Metallics, Melting, and Casting,â⬠Iron Age New Steel, 12(4), April, pp 76. 9. Bryan Berry, (1996) ââ¬Å"World Steel: Competing Strategies in Metallics, Melting, and Casting,â⬠Iron Age New Steel, 12(4), April, pp 76. 10. Brian K. Boyd Steve Gove, ââ¬Å"Nucor Corp. And the U. S. Steel Industry,â⬠In: Strategic Management: Competitiveness and Globalization by Michael A. Hitt, R, Duane Ireland, Robert E. Hoskisson (Cincinnati, OH: South-Western College Publishing, 2001), p. C483 11. Brian K. Boyd Steve Gove, ââ¬Å"Nucor Corp. And the U. S. Steel Industry,â⬠In: Strategic Management: Competitiveness and Globalization by Michael A. Hitt, R, Duane Ireland, Robert E. Hoskisson (Cincinnati, OH: South-Western College Publishing, 2001), p. C480 12. Brian K. Boyd Steve Gove, ââ¬Å"Nucor Corp. And the U. S. Steel Industry,â⬠In: Strategic Management: Competitiveness and Globalization by Michael A. Hitt, R, Duane Ireland, Robert E. Hoskisson (Cincinnati, OH: South-Western College Publishing, 2001), p. C498 13. Brian K. Boyd Steve Gove, ââ¬Å"Nucor Corp. And the U. S. Steel Industry,â⬠In: Strategic Management: Competitiveness and Globalization by Michael A. Hitt, R, Duane Ireland, Robert E. Hoskisson (Cincinnati, OH: South-Western College Publishing, 2001), p. C477-C507 14. Ted Kuster (1995) ââ¬Å"How Nucor Crawfordsville Works,â⬠Iron Age New Steel, 11(12), December, pp 36-47 15. usatoday. com/money/autos/2004-10-13-steel-prices_x. htm taipeitimes. com/News/worldbiz/archives/2004/03/26/2003107844 16. Bryan Berry (1996) ââ¬Å"The Importance of Nucor,â⬠Iron Age New Steel, 12(7), July, pp 2. 17. Barney, J. B. (1997) Gaining and Sustaining Competitive Advantage, Wesley Publishing, Addison 18. McTaggart, D and Findlay, C and Parkin, M (2006) Economic, Wesley Publishing, Addison 19. Prahalad, C. K. and Hamel G (1990) The Core Competence of the Corporation, Harvard Business Review, Mar, 1979 APPENDIX 1: Top-30 producers by International Iron Steel Institute MtonSteelmaker 1117. 2ArcelorMittal (Global) 234. 7Nippon Steel (Japan) 332. 0JFE (Japan) 430. 1POSCO (South Korea) 528. 2Tata Steel (India) Including Corus Group 622. 5Shanghai Baosteel Group Corporation (China) 721. 2United States Steel Corporation (United States) 820. 3Nucor Corporation (United States) 919. 1Tangshan (China) 1018. 2Gruppo Riva (Italy) 1117. 5Severstal (Russia) 1216. 8ThyssenKrupp (Germany) 1316. 1EvrazHolding (Russia) 1415. 6Gerdau (Brazil) 1515. 3Anshan (China) 1614. 6Shagang Group (China) 1714. 6Steel Authority of India Limited (India) 813. 8Wuhan Iron and Steel (China) 1913. 6Sumitomo Metal Industries (Japan) 2012. 8Techint (Argentina) 2112. 5Magnitogorsk Iron and Steel Works (Russia) 2211. 5Jinan (China) 2310. 9Magang Group (China) 2410. 8Laiwu Steel (China) 2510. 7China Steel (Taiwan) 2610. 5Shougang (China) 279. 9Valin Steel Group (China) 289. 8Imidro (Iran) 299. 5Industrial Union of Donbas (Ukraine) 309. 1Novolipetsk (Russia) Source: http://en. wikipedia. org/wiki/List_of_steel_producers This is a list of the largest steel-producing companies in the world according to the International Iron and Steel Institute. The list is compiled from its page Top Steel Producers 2006, but updated below from other sources. (Output in million metric tons crude steel; the country/region of producers basing specified in brackets) Total world steel output in 2005: 1,131. 8 million metric tons (mmt) Total world steel output in 2006: 1,239. 5 million metric tons (mmt) APPENDIX 2: NUCORââ¬â¢S TOP COMPETITORS KEY MEASURES NUCORCOMERCIAL METALS CO U. S. STEEL- VALUATION PRICE/EARNINGS (TTM)11. 9910. 5616. 34- PRICE/CASH FLOW9. 9610. 7617. 40- PRICE/SALES (TTM)1. 060. 430. 85- PRICE/BOOK3. 672. 222. 59- PER SHARE DATA LAST DIVIDEND36. 4719. 512. 71- BOOK VALUE18. 7714. 2948. 33- EPS (TTM)5. 092. 277. 08- REVENUE16. 59 B8. 32 B16. 87 B- PROFITABILITY EBIDTA3. 02 B684. 52 M1. 72 B- OPERATING MARGIN15. 38%6. 93%6. 79%- PROFIT MARGIN8. 87%4. 27%5. 21%- GROSS PROFIT MARGIN18. 86%13. 94%10. 28%- DIVIDEND DIVIDEND YIELD2. 77%1. 26%0. 55%- PAYOUT RATIO36. 4719. 6512. 71- ANNUAL DIVIDEND (TTM)176. 5 M- - - DIVIDEND YIELD 5 YEAR AVERAGE3. 17%0. 90%0. 66%- GROWTH NET INCOME1. 47 B355. 43 M879 M- EPS (TTM)5. 09%2. 27%7. 08%- REVENUE16. 59 B8. 32 B16. 87 B- PEG1. 24%1. 58%0. 71%- FINANCIAL STRENGTH QUICK RATIO (MRQ)8. 874. 275. 21- CURRENT RATIO (MRQ)2. 61. 691. 59- LT DEBT TO EQUITY RATIO (MRQ)45. 9239. 0854. 38- TOTAL DEBT TO CAPITAL (MRQ)29. 6231. 4437. 07- ROE29. 3822. 6317. 79- ROA15. 608. 337. 13- ROIC (RETURN ON INVESTED CAPITAL)22. 0419. 0213. 41- ASSETS ASSET TURNOVER1. 692. 401. 08- ASSET PER EMPLOYEE545,895. 66667272,793. 63708557,714. 28571- INVENTORY TURNOVER9. 518. 637. 54 SOURCE: HTTP://FINANCE. AOL. COM/COMPANY/NUCOR-CORPORATION/NUE/NYS/TOP-COMPETITORS APPENDIX 3: FIVE-YEAR FINANCIAL REVIEW FOR NUCOR (2002-2006) FOR THE YEAR20062005200420032002 Net sales14,751,27012,700,99911,376,8286,265,8234,801,777 Costs, expenses and other: Cost of products sold11,284,60610,108,8059,174,6115,993,4924,335,409 Marketing, administrative and other expenses592,473459,460374,730165,369175,589 Interest (income) expense, net(37,365 4,20122,35224,62714,286 Minority interests219,121110,65080,84023,90479,408 Other income- (9,200 (1,596 (11,547 (29,900 12,058,83510,673,9169,650,9376,195,8454,574,792 Earnings before income taxes2,692,4352,027,0831,725,89169,978226,985 Provision for income taxes935,653709,834607,9065,18166,899 Net earnings1,756,7821,317,2491,117,98564,797160,086 Net earnings per share: Basic (1)5. 734. 193. 530. 210. 51 Diluted (1)5. 684. 153. 00. 210. 51 Dividends declared per share (1)2. 150. 930. 240. 200. 19 Percentage of net earnings to net sales11. 9 10. 4 9. 8 1. 0 3. 3 Return on average equity38. 3 33. 8 38. 2 2. 7 7. 0 Capital expenditures338,404331,466285,925215,408243,598 Depreciation363,936375,054383,305364,112307,101 Sales per employee1,2731,1591,107637528 AT YEAR END Current assets4,683,0654,081,6113,1 82,1321,639,7841,429,305 Current liabilities1,421,9171,228,6181,042,776615,067573,697 Working capital3,261,1482,852,9932,139,3561,024,717855,608 Cash provided by operating activities2,251,2332,136,6151,024,756493,801497,220 Current ratio3. 3. 33. 12. 72. 5 Property, plant and equipment, net2,856,4152,855,7172,818,3072,817,1352,932,058 Total assets7,893,0187,148,8456,140,3914,511,5774,394,944 Long-term debt922,300923,550923,550903,550894,550 Percentage of debt to capital15. 3 17. 0 20. 2 26. 1 25. 8 Stockholdersââ¬â¢ equity4,857,3514,312,0493,481,2812,370,8732,349,770 Per share16. 1413. 9010. 917. 547. 51 Shares outstanding300,949310,220319,024314,361312,720 Employees11,90011,30010,6009,9009,800 Source: secinfo. com/d14D5a. u7c82. c. htm#1stPage
Monday, October 21, 2019
Essay Sample on School Violence My Own Experience
Essay Sample on School Violence My Own Experience I started writing this essay originally with a different view in mind. But when I went back to read it, it simply wasnââ¬â¢t what I wanted to say. My mother suggested I wait a few days and come back to it but I was itching too much to get this off my chest. I became restless and started surfing the web and went to my favorite authors website. Her name is SilverRaven Wolf (www.silverravenwolf.com) and read her article about when she was in Jr. High. Thatââ¬â¢s when I realized the difference, hers had emotion while mine was simply fact. So hereââ¬â¢s my new version, and I hope you can all understand and realate First day of school, in a new school, at thirteen. I walk in self-consciously with my pentacle around my neck and new pair of sneakers on my feet. I look around the classroom nervously, noticing a few odd glances from some students. I shrug it off as just me being ââ¬Å"the new kid.â⬠Few days pass, and I start to get the hang of things, even though I still canââ¬â¢t get that silly locker to open. Thatââ¬â¢s when it starts, the whispers in the back of the room, the way people would walk away when I approached, the fear in peoples eyes I couldnââ¬â¢t figure out from what though. I did make best friends with one girl who really didnââ¬â¢t mind my opinions and we had (and still have) wonderful conversations. After two weeks of dealing with this, I heard one of the cheerleaders behind me whisper loudly ââ¬Å"look at the herâ⬠¦ so full of herselfâ⬠¦ thinks she can come here with that disasterâ⬠¦ wearing that star in the open like thatâ⬠¦Ã¢â¬ Unfortunately I didnââ¬â¢t have any support, I couldnââ¬â¢t take it. The stress of being new, missing friends and family, and now this, I simply rose and ran. I never did figure out how but the Goddess must have led me to the room of on my favorite English teachers. She noticed me, asked someone to take over the class for her and came out in the hall. I explained my situation and she said she would talk with the students. I asked what I should do if I was confronted and she said either come to her, or stand up for myself. Her courage became my courage, and somehow the next time it happened I was able to handle it. Until a few months later. I went to the annual football game with my new best friend and some other friends Iââ¬â¢d gotten to know. They knew about my beliefs and me but didnââ¬â¢t seem to mind. Matter of fact, they were interested. But all that aside, it was a slightly chilly night and absolutely beautiful with the stars in the sky. I prayed the weather would stay nice since I didnââ¬â¢t bring a coat. On my way to the snack bar, I saw a few of the guys in class and cheerleaders who didnââ¬â¢t particularly like myself. I didnââ¬â¢t like the looks on their faces and was trying to find some other way to get there. I couldnââ¬â¢t so I started walking behind the bleachers to the other snack bar at the other end of the field. Halfway through I noticed them following me and I tried to move quicker. My best friend claims that she had looked down and noticed just as they started to surround me. I was starting to panic, realizing no matter how well I could fight I didnââ¬â¢t stand a chance against several people, and the look in their eyes were sending fear through my body. One of the guys grabbed me by my neck and threw me against the chain link fence. Slowly I stood back up, with too much pride to do otherwise. I shook back my head and the guy grinned. ââ¬Å"Going to be tough, huh witchy?â⬠I just smiled slightly not answering. He punched me in the stomach but somehow I stayed standing and firm. I remember send prayers up to the Goddess not to let me out of her sight and for help to be on the way. My best friend was most likely at the bottom of the bleachers by this time and finding the teacher that came by. Fortunately, one of my fellow students saw what was happening and him and his buddies came jogging over. He stated, ââ¬Å"And just what is going on here?â⬠The bully answered, ââ¬Å"None of your business kid.â⬠Somehow my fellow student delayed them long enough for my best friend to come with teachers and a police officer. Never once did I cry or relax till they were getting dragged off. I started sobbing after I had talked with the police officer and my best friend and several others gathered around me protectively. Iââ¬â¢ve never felt that proud about anything. I could not believe how I had taken it and came out on top. The story never made the news simply because they didnââ¬â¢t want another incident to occur to me. My teachers of course were informed and my friends never seemed to leave my side for the rest of the year. Also the teachers of my classes held an assembly of our team and explained about different religions. They had several kids, including myself, speak out about what it was like to be the minority and discriminating against. Think this is the end of it? Nope, then I started high school. It was not as bad as middle school, because this time I had friends with me. My peers still seem to be a little unsure about my religions, but most donââ¬â¢t mind, theyââ¬â¢re just curious. Iââ¬â¢ve never had a situation like the one in middle school but now I know I can take it and keep going. If you are wondering what to do to help educate your school, write up Frequently Asked Questions and answer them with your opinions. Also talk to your guidance councilors about what you can do to help. Suggest assemblies to talk about minorities, or a discussion group after school so you can talk about different philosophies and ideas. Of course there are the everyday things you can do. If you hear someone saying a stereotype (i.e. All witches are evil and worship the devil), kindly correct them. If they donââ¬â¢t want to listen, donââ¬â¢t force them. You canââ¬â¢t force them to believe the truth, but you can state your stance on the subjects. I firmly believe itââ¬â¢s up to us to make the difference, us the young people, us who hold the future, it has to start with us. Prove we can rise to the occasion and show we are good, honest people with a real, legal, religion. I must say this, as far as the Witch Wars go, they must not be carried on any longer. I did get into a disagreement with another Wiccan teen, but we worked through it without a public scene. Teens must realize that the normal stereotypes are worse at our age and we must not make them any worse. So please, letââ¬â¢s have peace between people. You can order a custom essay, term paper, research paper, thesis or dissertation on School Violence from our professional custom essay writing service which provides students with high-quality custom written papers on any topics.
Sunday, October 20, 2019
Hawaii Pacific ranked among top MBA programs Essay Example
Hawaii Pacific ranked among top MBA programs Essay Example Hawaii Pacific ranked among top MBA programs Essay Hawaii Pacific ranked among top MBA programs Essay A recent survey made for international business programs reported that Hawaiââ¬â¢i Pacific University owns one of the best MBA programs for online learning. Hawaiââ¬â¢i Pacific University is also known for having the largest MBA program throughout the US. TheBestSchools.org is the best resource for online education and MBA programs. This platform put the Hawaiââ¬â¢i Pacific University in the top 25 MBA online programs created for getting a business degree. HPU is the only school on the list from Hawaiââ¬â¢i and is ranked at number 18. Ph.D Deborah Crown, the Dean of the College of Business at Hawaiââ¬â¢i Pacific University, said that this rank is an honor for the whole faculty, for her, for the teachers and the students as well. The special MBA programs for online learning at HPU are available and open to a diverse population and the programs help the students to reach their goals for success in their careers. The program has proven to be a hit with professionals who are already working and took the online MBA programs for improving and upgrading. : Criteria that was considered for the ratings of the schools that TheBestSchools.org used included the range of classes available, the strength of the faculty, the reputation of the faculty, the rankings and the academic excellence. The International Business MBA program for online learning is a graduate program that offers to students the opportunity to improve their knowledge and go forward in their life and education. Crown says that a graduate education is really important and valuable for professionals who are already working. It has been proven by various researches and evaluations that the MBA program plays a key role in the personââ¬â¢s carer, professional advancement and helps in expanding professional networks, contacts and opportunities. A survey made recently by the Corporate Recruiters reported an increased number of organizations that are willing to hire people with MBAs. In 2009, this number was 50% and now this number is 80%. This, Crown says, means that the quality high education will bring better job positions and even a higher salary. Not long ago, Hawaiââ¬â¢i Pacific University was also named as Hawaiââ¬â¢s highest ranked school. And, PayScale, a tracker for salaries, also ranked HPU among the higher positions for the average income that students have after graduating and for the return they get on the investment for the attending costs. The College Salary Report of PayScale ranks Hawaiââ¬â¢i Pacific University at number 1. Matthew Liao-Troth, PhD. and Hawaiââ¬â¢i Pacific Universityââ¬â¢s Provost, says he and the whole staff of the university are proud for all of the successful students that have come out of the university and are know working in Hawaiââ¬â¢i but also all around the world. The recognition that PayScale has given to HPU and their MBA program accentuates the role that HPU has in educating world leaders. For more information about other programs and admission, go to www.hpu.edu/admissions.
Saturday, October 19, 2019
Law of terrorism Essay Example | Topics and Well Written Essays - 3250 words
Law of terrorism - Essay Example The Terrorism Act 2000 criminalises terrorism while subsequent legislation like Anti-terrorism crime and security Act 2001 counters terrorism through port controls, forfeiture of terrorism linked assets and detention without trial. Intelligence surveillance is essential in protecting civil liberties and curtailing terrorism related activities in the UK. Other policy makers have asserted the intelligence surveillance intrudes the privacy of citizens and undermines democratic values. Surveillance activities entail intercepting communication channels such as telephone conversations, bugging, spying and entry and search missions in private properties. In the case of Malone v. Met Police Commissioner (no.2) (1979) 2 All ER 620, the plaintiff argued that the Crown had no any powers to tap telephones and that he had rights of privacy and confidentiality in respect of the telephone conversations2. However, the court dismissed the plaintiff claims on the basis that no particular privacy right had been infringed without molestation and telephone methods did not infringe any law. The plaintiff further argued that Article 8 of the 1950 Convention had conferred him the rights to privacy and family life. However, the plaintiff appealed the decision of the court in the case of Malone v. ... The new Acts provided the legal framework for surveillance tools and outlawed unlawful interception of telephone communications. However, the Interception of Communications Act 1985, allowed the Secretary of State to issue a warrant for the interception of conversations in furtherance of national security and prevention of serious crimes in the UK. Further, in the case of Halford v. UK (1997) 24 EHRR 523, the court held that citizens expect a reasonable degree of privacy in the workplace4. Accordingly, the UK courts have held that undercover police women cannot obtain incriminating evidence through befriending men who have been accused of murder since it is a violation of Code C of PACE5. The enactment of regulation of Investigatory Powers Act 2000 paved way for the legal framework on interception of communications from suspected terrorists. Part II of the Act deals with covert surveillance and the code of practice during surveillance intelligence gathering. The Act defines the acts of the intelligence officers that can be construed as surveillance and includes the recording, observation, and listening of conversations of the communications. Section 26 of the RIPA ACT outlines the nature of intelligence including the directed intelligence and intrusive intelligence that will occur in private property or vehicle. The RIPA Act 2000 allows the public bodies to intercept telecom communications and use covert intelligence sources in promoting national security. Accordingly, the act allows the intelligence bodies to access decrypted data and conduct mass surveillance on transit data in order to uncover terrorism related activities. The intelligence authorities have the powers to monitor the internet activities and can
Friday, October 18, 2019
Mini research proposal Paper Example | Topics and Well Written Essays - 1000 words
Mini proposal - Research Paper Example Whereas indigenous people in Libya face danger of extinction due to modernity, the same happens to the Canadian indigenous people. This has made me develop profound interest in the study of the environmental issues affecting aborigines in Canada. More importantly, my research will primarily focus on the ethical issues involving Canadian aborigines as the modern community competes with the indigenous community for their indigenous environment. The Canadian aborigines comprise of Metis, First Nations, and Inuit. First Nations, however, refers to other indigenous communities that are neither Inuit nor Metis. Canadian Inuit inhabit the Canadian arctic region however, there are other Inuit belonging to neighboring countries such as U.S, and Denmark (Rankin, 2011). The Metis are approximated to be 4000 in number. However, they are distributed in different parts of Canada. Unlike the modern society, indigenous people primarily depend on the natural resources for survival and Canadian aborigines are no exception. Canadian aborigines derive their autonomy and cultural identity by the way they naturally interact with their natural habitats. For instance, many Canadian aborigines are still characterized by their subsistence farming, hunting, fishing, and gathering. Although Canada has continually embraced modernity, Canadian aborigines still prefer retaining their autonomy by sticking to their native culture and native way of life as opposed to the modern generation that prefers modern lifestyles (Peterson, 1995). Modernization has posed a serious threat to existence of Canadian aborigines due to encroachment of their indigenous natural habitats (Dupuis, 2002; Tough, 1997). For instance, the Inuit inhabiting the Canadian arctic region are already experiencing the effects of global warming (Peterson, 1995). The Inuit are experiencing a habitat stress as they are being pushed further into
Charles Jencks and Postmodernism Essay Example | Topics and Well Written Essays - 1000 words - 1
Charles Jencks and Postmodernism - Essay Example The essay "Charles Jencks and Postmodernism" focuses on the figure of Charles Jencks and the postmodernism. Post modern art favours reflexivity and the self consciousness, its emphasis is on the de-structured, decentred and dehumanized subject. It is also concerned with questions of the organization of knowledge. In a society where post modernism exists knowledge becomes functional, one learns things not to know but to use that knowledge. We are talking about post modernism in relation to garden design which has become an integral part of the cultural landscape. One can notice a difference in the way the gardens are being designed as compared to the modernism days. There seems to be now a bond between the abstract and the arts and craft approaches, the geometry of the abstract art has been blended with the various delights of the arts and craft gardens. This change is mostly commonly seen in the materials which are chosen. Before for gardens people would choose a square concrete slab or a wood painted white which was used to represent the abstract style but now due to post modernism, there is now the richness of the earthy bricks, the stained timber and concrete finishingââ¬â¢s as well as the decorative fittings which have appeared in the gardens and the sense of place and scale is altogether more intimate then before. Where its spirals scales of a pine cone run from the bottom to the top, it has recurring numbers, ratios and proportions. Its recurrent pattern is a form of what one says self-organization.
Comparing and Contrasting Sec. Hillary Clinton and Sen. John Kerry Essay
Comparing and Contrasting Sec. Hillary Clinton and Sen. John Kerry - Essay Example This paper is the compare and contrast essays example. It is interesting to note that both Sec. Clinton and Sen. Kerry received both attended Yale University at one time or another. Sen. Kerry received his Political Science degree from Yale University in 1966 (bio.com ââ¬Å"John Kerryâ⬠) while Sec. Clinton received her Law degree from Yale in 1973 (bio.com ââ¬Å"Hillary Clintonâ⬠). Therefore one can deduce that the political beliefs of these two notable U.S. political figures found itself being shaped and molded within the hallowed halls of this ivy league university. Both Sec. Clinton and Sen. Kerry are active members of the Democratic Party of the United States and have served as senators during their time in active politics. Sen. Clinton was elected to represent the people of New York in the senate halls of Washington D.C. in the year 2000 (bio.com ââ¬Å"Hillary Clintonâ⬠) while Sen. Kerry began serving the people of Massachusetts as their senator in 1984. He won his reelection bids in 1990, 1996, 2002, and 2008 (bio.com ââ¬Å"John Kerryâ⬠). Even though both had a failed run for the Democratic presidential nomination, it seems that Pres. Barack Obama has an unquestioning belief in both of them to have appointed them both to the office of Secretary of State, the little president position as some call it, where they are required to represent both the president and the country across the seas as envoys of foreign relations. While both Sec. Clinton and Sen. Kerry have some notable similarities in their political history and educational background, the two also have some marked differences that one should take note of. The first being that Sen. Kerry actively served in the Vietnam war before entering into political office. It is believed that this field experience will greatly help the incoming secretary as he navigates the treacherous waters of national security and U.S. foreign policies. Democrat Sen. Chris Coons recalls one meeting that Sen. Kerry had with the politicians in Islamabad that could quite possibly set the tone for his run in the State Department. Sen. Coons recalls (Associated Press ââ¬Å"John Kerry Touted as Successor to Hillary Clintonââ¬
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