Nucor's Dan DiMicco on the U.S. getting its mojo back.

• Author: DiMicco, Dan
• Position: FIVE QUESTIONS WITH ... - Reprint

Are corporate boards part of the solution to the challenges facing the country you have identified in your book?

Absolutely! This requires an approach that says, yes our focus is on being profitable and returning strong value to our shareholders, but just as we need to be environmentally and socially responsible, and have safe workplaces, we must be good citizens and help build a strong economy with good-paying jobs. The world is a very competitive place and the reality of this is countries/governments compete with each other and we can't ignore that. American boards need to understand this and act accordingly.

The shortsightedness of boards and their management is just as responsible for our current problems as are the bad government policies we have been saddled with on free enterprise, two-way trade, over-regulation, something-for-nothing mentality, and loss of our global competitiveness.

Do these national and societal challenges need to be higher up on the board agenda?

Yes again! Boards and their management need to focus on the total cost of ownership when making decisions on moving overseas and outsourcing jobs. Seventy percent of the time the TCO approach would have said, don't do it. It is a key component of long-term thinking and success.

What was a major lesson you learned from the way Ken Iverson ran the Nucor board?

He was focused on building a successful company with a great culture, which required long-term thinking and actions consistent with this. He refused to dance to the short-term interests of Wall Street and its associated pressures. He believed this completely and acted accordingly. The result was one of the great American business successes--proof of his values-based long-term thinking.

What was the primary way you got value from the board when you were Nucor's chairman and CEO?

The support to continue to build on Ken's values-based legacy for long-term success. The ownership they took in our history and culture was key. The freedom to do my job was well rewarded. Total shareholder return was 720% during our team's 13-year run ... and our best is yet to come!

What piece of advice would you have for a new CEO or newly elected director in how to have a positive impact on the country's challenges?

Never forget the greatness of America is in its people, its system of laws and equality, and the freedoms this brings. It is this environment that allows us to do great things. It is our responsibility to remain focused on...