Nucor Corp., the largest U.S. steelmaker by market value, said Chief Operating Officer John J. Ferriola will take over from Daniel R. DiMicco as chief executive officer on Jan. 1.
DiMicco, 62, who has led the Charlotte, North Carolina-based company for 12 years, will become executive chairman, Nucor said today in a statement.
“Nucor has taken a lot of care with this transition,” Michelle Applebaum, managing partner at consultant Steel Market Intelligence in Chicago, said in an interview today. “In my 30 years in the steel business, I’ve seen only a half-dozen visionaries of Dan DiMicco’s caliber.”
Ferriola began his career with Bethlehem Steel Corp. in 1974 and joined Nucor in 1992 as manager at a Texas mill, Nucor said. He was appointed to the board of directors in 2011.
Nucor, which recycles scrap steel in electric arc furnaces, reported third-quarter profit of $110.3 million, or 35 cents a share, on sales of $4.8 billion. U.S. Steel Corp. is the country’s largest producer of the metal by volume.
The shares rose 0.2 percent to $39.43 at the close in New York.