In addition, Berkshire has at least one other investment fund manager that shareholders know about. The bulk of investment capital is directed by Buffett and Munger, however. That doesn't mean one should jump to conclusions about who's making the decisions at Berkshire on these things or whether Berkshire still owns any Nucor stock. Warren Buffett directly dealt with this issue in this year's letter to shareholders in the annual report . It's not a stretch of the imagination, however, to believe that Buffett and Munger did make this investment, as Berkshire owns a steel service center business, Precision Steel, through Wesco.
Precision has two locations, in Franklin Park, Illinois, and in Charlotte, North Carolina.
Nucor is as interesting an industrial company as you will find and is a great story of how a company can effectively compete in a commodity business. The story of Nucor is legendary because of its Chairman Emeritus, Ken Iverson. As a failing company in 1966, it shucked off other divisions to concentrate itself. At that point, Iverson decided the company would make its own steel because U.S. Steel's prices were not satisfactory and some imports were not good quality. It was much cheaper to make steel out of melted junk than out of iron ore.