"Strategy" is a sorely overworked word in the business world. Originally, it was almost always used in reference to military affairs. Today, it has been adapted in the business world to mean the current deployment of decisions and actions that are part of a long-term plan to achieve defined objectives.

Some companies go to great pains to disclose these long-term plans publicly; some do not. What follows is a compilation of the strategies of six steel companies operating in the United States.

Nucor Corp., Charlotte, N.C., the U.S. company producing the most steel in North America, has been remarkably public about its strategy. Nucor was founded on the principle of constructing greenfield plants and operating with a union-free work force; it was further characterized by using electric-arc furnaces charged with scrap; and ultimately producing both long products and flat-rolled products. Nucor has been a very successful business, and its current chairman, Daniel R. DiMicco, although maintaining organic growth, has launched the company on an energetic acquisition course that also has been remarkably successful. Looking forward, Nucor has announced plans to build two blast furnaces that would be deployed to produce pig iron or steel, or both. Nucor also has...