of Iverson, who had been looking to leave the company, informed the Board that he would remain with them under two conditions: Iverson would become President and he (Siegel) would become CFO. The Board accepted. Iverson and Siegel reorganized Nucor around its only profitable business, the steel fabricator Vulcraft. All other businesses were either sold or liquidated. In 1966, the company moved its headquarters to Charlotte, North Carolina to be closer to its main Vulcraft plant. In 1968, unable to get favorable steel prices from American manufacturers and unhappy with the imported steel available at the time, Iverson, a metallurgist by training, decided to extend Nucor vertically into steelmaking by building its first steel bar mill in Darlington, South Carolina. The company chose to purchase an electric arc furnace, which was far cheaper than the traditional steel blast furnace with a $6 million loan secured by all of the company's assets. Production delays and staffing problems caused the company's stock to drop to pennies, but earnings soared in 1971 and 1972. In 1972, the company, recognizing that it was now misnamed, adopted its current title, Nucor Corporation. Nucor saw the demand for low cost commodity steel products (e.g. rebar) and started producing them. They began selling steel to other companies that had previously been importing inferior quality steel. Since its reorganization, Nucor has become a leader in recycling technology and expanded its market presence. In 1988, Nucor became the first steel recycler to manufacture wide flange beams with a depth of 40". The company opened its building products division that same year. In 1989, Nucor opened a facility in Crawfordsville, Indiana, the first mini mill in the world to produce flat rolled steel using thin-slab technology. In March 2000, a joint venture, owned 47.5% by Nucor, 47.5% by BlueScope, and 5% by IHI Corporation was formed to license Castrip technology. This technology allowed for continuous casting of sheet steel directly from molten steel without the need for heavy, expensive, and energy-consuming rollers. As a result, mills built with this technology are significantly cheaper and take up significantly less space than other mills. In September 2000, Dan DiMicco, formerly the general manager of the company's highly profitable Nucor-Yamato Steel joint venture, was appointed CEO. In the years that followed, the company made several acquisitions; in 2001, the company acquired Auburn Steel, its first acquisition in 36 years. In 2002, Nucor bought