Nucor Corporation (NUE): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la fabrication d'acier, Nucor Corporation (NUE) est un phare d'innovation et d'efficacité, transformant le paysage industriel avec son modèle commercial révolutionnaire. En mélangeant ingénieusement la technologie avancée de la fournaise à arc électrique, des pratiques durables et un engagement incessant envers la qualité, Nucor a élaboré une stratégie unique qui non seulement stimule la rentabilité, mais révolutionne également la façon dont la production d'acier peut être à la fois soucieuse de l'environnement et économiquement robuste. Cette exploration de la toile du modèle commercial de Nucor dévoile les mécanismes complexes qui ont propulsé ce leader de l'industrie au premier plan de la fabrication moderne, offrant un aperçu d'un plan qui équilibre les prouesses technologiques, les solutions centrées sur le client et l'excellence opérationnelle stratégique.

Nucor Corporation (NUE) - Modèle d'entreprise: partenariats clés

Fournisseurs en acier et recycleurs de ferraille

Nucor s'approvisionne en ferraille d'environ 250 fournisseurs de ferraille indépendants à travers les États-Unis. En 2022, la société a traité 22,4 millions de tonnes de matériau de ferraille ferreux.

Catégorie des fournisseurs de ferraille	Volume annuel (tonnes)
Fournisseurs de ferraille industrielle	12,6 millions
Recycleurs de ferraille des consommateurs	7,8 millions
Collectionneurs de ferraille commerciale	2 millions

Fabricants d'équipements et fournisseurs de technologies

Nucor collabore avec les principaux fournisseurs de technologies pour les équipements de production en acier avancé.

• SMS Group GmbH (Allemagne) - Advanced Steel Mill Technology
• Technologies des primaux - équipement métallurgique
• Groupe ABB - Systèmes d'automatisation et d'électricité

Sociétés de transport et de logistique

Nucor maintient des partenariats avec plusieurs fournisseurs de transport pour la distribution des matériaux et des produits.

Partenaire de transport	Volume annuel de fret
BNSF Railway	2,3 millions de tonnes
Union Pacific Railroad	1,8 million de tonnes
Partenariats de camionnage	1,5 million de tonnes

Fournisseurs d'énergie pour les fours à arc électrique

Nucor exploite 17 installations de fournaise à arc électrique (EAF) avec des partenariats énergétiques stratégiques.

• Duke Energy - Fournisseur d'électricité primaire dans le sud-est des États-Unis
• Xcel Energy - Alimentation de la région du Midwest
• Southern Californie Edison - Western Region Energy Partnership

Institutions de recherche pour l'innovation en acier

Nucor investit 45,2 millions de dollars par an dans des partenariats de recherche et développement.

Institution de recherche	Focus de recherche	Investissement annuel
Institut de technologie du Massachusetts	Métallurgie avancée	12,5 millions de dollars
Georgia Institute of Technology	Processus de fabrication d'acier	8,7 millions de dollars
Colorado School of Mines	Ingénierie des matériaux	6,3 millions de dollars

Nucor Corporation (NUE) - Modèle d'entreprise: activités clés

Production d'acier à l'aide de la technologie de la fournaise à arc électrique

Capacité de production acier annuelle: 27 millions de tonnes en 2023

Type de fournaise	Nombre d'installations	Capacité de production annuelle
Fours à arc électrique	23	27 millions de tonnes

Recyclage et traitement de la ferraille

Scrap en métal annuel traité: 22 millions de tonnes en 2023

• Taux de recyclage en acier de ferraille: 95%
• Revenus de recyclage annuel: 8,3 milliards de dollars

Innovation et développement des produits continus

Investissement en R&D: 187 millions de dollars en 2023

Zone d'innovation	Développement de nouveaux produits
Produits en acier avancée	12 nouvelles gammes de produits

Processus de fabrication et de production allégés efficaces

Métriques de l'efficacité de la fabrication:

• Coût de production par tonne: 620 $
• Fabrication des frais généraux: 12,4%
• Efficacité opérationnelle: 87,6%

Fabrication durable et soucieuse de l'environnement

Métriques de performance environnementale:

Métrique de la durabilité	2023 données
Réduction des émissions de carbone	28% par rapport à la ligne de base 2015
Amélioration de l'efficacité énergétique	18% depuis 2010

Nucor Corporation (NUE) - Modèle d'entreprise: Ressources clés

Installations avancées de la fournaise à arc électrique

Nucor exploite 23 aciéries à arc électrique (EAF) à travers les États-Unis. Capacité totale de production d'acier annuelle: 27 millions de tonnes. Investissement en capital dans la technologie EAF: 2,7 milliards de dollars en 2023.

Emplacement de l'installation	Capacité de production (tonnes / an)	Valeur d'investissement
Texas	4,5 millions	450 millions de dollars
Indiana	3,8 millions	380 millions de dollars
Arkansas	3,2 millions	320 millions de dollars

Réseau étendu d'usines de production d'acier

Nucor maintient 96 installations de fabrication à travers les États-Unis. Empreinte de fabrication totale: 12,4 millions de pieds carrés.

• Aciéries: 23 installations
• Installations de produits en acier: 47 installations
• Plantes de fabrication en aval: 26 installations

Main-d'œuvre qualifiée avec une expertise technique

Total de la main-d'œuvre: 31 300 employés en 2023. Tenture moyenne des employés: 12,5 ans.

Catégorie des employés	Nombre d'employés	Heures de formation moyennes
Fabrication de travailleurs	22,800	120 heures / an
Spécialistes techniques	4,500	180 heures / an
Gestion	4,000	100 heures / an

Solide situation financière et réserves de capital

Mesures financières auprès du quatrième trimestre 2023:

• Actif total: 24,6 milliards de dollars
• Equivalents en espèces et en espèces: 1,8 milliard de dollars
• Revenu annuel: 37,5 milliards de dollars
• Revenu net: 3,2 milliards de dollars

Technologies de fabrication d'acier propriétaire

Dépenses de recherche et de développement: 215 millions de dollars en 2023. Brevets actifs: 87 brevets technologiques de fabrication.

Catégorie de technologie	Nombre de brevets	Investissement en R&D
Processus de fabrication	42	95 millions de dollars
Science du matériel	28	75 millions de dollars
Efficacité énergétique	17	45 millions de dollars

Nucor Corporation (NUE) - Modèle d'entreprise: propositions de valeur

Produits en acier de haute qualité et rentables

Nucor a produit 27,1 millions de tonnes de produits en acier en 2022, avec des revenus annuels de produits en acier de 37,2 milliards de dollars. Le prix moyen des produits en acier était de 1 372 $ la tonne.

Catégorie de produits	Volume de production annuel	Contribution des revenus
Draps en acier	12,5 millions de tonnes	17,1 milliards de dollars
Barres d'acier	7,3 millions de tonnes	10,2 milliards de dollars
Acier de structure	4,6 millions de tonnes	6,3 milliards de dollars
Acier spécialisé	2,7 millions de tonnes	3,6 milliards de dollars

Engagement envers la durabilité et le recyclage

Nucor a recyclé 22,3 millions de tonnes d'acier de ferraille en 2022, représentant 82% de la production totale d'acier. Les émissions de carbone ont diminué de 47% par rapport à la moyenne de l'industrie.

• Taux de recyclage: 82%
• Réduction des émissions de carbone: 47%
• Utilisation d'énergie renouvelable: 36% de la consommation totale d'énergie

Fabrication innovante et technologiquement avancée

Investissement en R&D de 124 millions de dollars en 2022, avec 17 nouveaux brevets de technologie de fabrication déposés.

Zone d'investissement technologique	Dépenses annuelles	Résultats technologiques
Fabrication avancée	68 millions de dollars	7 nouvelles technologies de production
Science du matériel	42 millions de dollars	6 nouveaux développements en alliage en acier
Fabrication numérique	14 millions de dollars	4 initiatives de transformation numérique

Solutions d'acier personnalisées pour diverses industries

Desservit 12 principaux secteurs industriels avec des solutions en acier personnalisées, notamment l'automobile, la construction et l'énergie.

• Secteur automobile: 4,2 millions de tonnes d'acier spécialisé
• Secteur de la construction: 6,5 millions de tonnes d'acier de structure
• Secteur de l'énergie: 2,9 millions de tonnes de produits en acier spécialisés

Prix ​​compétitifs grâce à une production efficace

Coût de production par tonne: 1 087 $, par rapport à la moyenne de l'industrie de 1 342 $. Marge brute: 24,6% en 2022.

Métrique de la rentabilité	Performance de Nucor	Moyenne de l'industrie
Coût de production par tonne	$1,087	$1,342
Marge brute	24.6%	19.3%
Efficacité opérationnelle	18.2%	15.7%

Nucor Corporation (NUE) - Modèle d'entreprise: relations clients

Partenariats de clients industriels et commerciaux à long terme

Nucor maintient des partenariats stratégiques avec plus de 11 500 clients industriels dans des secteurs automobile, de construction, d'énergie et de fabrication. Durée du contrat moyen: 5-7 ans. Revenus de clientèle totale en 2023: 28,4 milliards de dollars.

Segment de l'industrie	Nombre de clients	Valeur du contrat moyen
Automobile	3,200	12,6 millions de dollars
Construction	4,500	8,3 millions de dollars
Énergie	2,100	15,2 millions de dollars
Fabrication	1,700	6,9 millions de dollars

Équipes de vente directe et de support technique

Nucor emploie 362 professionnels des ventes dédiés ayant une expérience moyenne de l'industrie de 14,7 ans. L'équipe de support technique comprend 215 ingénieurs spécialisés.

• Couverture de l'équipe de vente: 47 États
• Temps de réponse moyen: 2,3 heures
• Évaluation de satisfaction du client: 92%

Service client réactif

L'infrastructure du service client gère 18 500 interactions mensuelles du client. Taux de résolution: 97,6%. Temps de résolution moyenne: 1,4 jours.

Développement de produits collaboratifs

Investissement en R&D en 2023: 124 millions de dollars. Projets collaboratifs avec les clients: 47 initiatives de développement actif.

Focus de développement	Nombre de projets	Investissement estimé
Alliages en acier avancé	22	52,3 millions de dollars
Solutions de durabilité	15	38,7 millions de dollars
Fabrication personnalisée	10	33,2 millions de dollars

Réputation de fiabilité et de qualité

Métriques de qualité: 99,2% de livraison à temps, 99,7% de conformité du produit, certification ISO 9001: 2015 dans toutes les installations de fabrication.

• Classement de fiabilité de l'industrie: # 1 dans la fabrication d'acier
• Taux de rétention de la clientèle: 94,3%
• Score du promoteur net: 78

Nucor Corporation (NUE) - Modèle d'entreprise: canaux

Force de vente directe

Nucor exploite une équipe de vente dédiée de 362 représentants des ventes directes à partir de 2023. La rémunération annuelle de l'équipe de vente était de 42,3 millions de dollars, un représentant des ventes individuelles moyen générant 6,2 millions de dollars de revenus de produits en acier.

Métrique du canal de vente	2023 données
Représentants totaux des ventes directes	362
Compensation totale de l'équipe de vente	42,3 millions de dollars
Revenu moyen par représentant des ventes	6,2 millions de dollars

Plateformes de commande en ligne

La plate-forme numérique de Nucor a traité 47 832 commandes de produits en acier en ligne en 2023, ce qui représente 34,6% du total des transactions clients. La valeur de transaction de plate-forme numérique a atteint 1,2 milliard de dollars.

Métrique de la plate-forme en ligne	2023 données
Commandes en ligne totales	47,832
Pourcentage de transactions totales	34.6%
Valeur de transaction en ligne	1,2 milliard de dollars

Salons et conférences de l'industrie

Nucor a participé à 18 salons majeurs de l'industrie en 2023, avec des frais d'exposition totaux de 3,7 millions de dollars. Ces événements ont généré 276 nouveaux clients de clients.

• Les salons commerciaux totaux sont présents: 18
• Dépenses d'exposition: 3,7 millions de dollars
• Nouveau client Généré: 276

Gestion de compte stratégique

Nucor gère 412 comptes stratégiques, représentant 68,3% du total des revenus annuels. Les comptes stratégiques ont généré 7,6 milliards de dollars de ventes de produits en acier en 2023.

Métrique du compte stratégique	2023 données
Comptes stratégiques totaux	412
Pourcentage du total des revenus	68.3%
Ventes de compte stratégique	7,6 milliards de dollars

Marketing numérique et communication technique

Les efforts de marketing numérique de Nucor ont atteint 2,1 millions de clients industriels uniques en 2023. Les dépenses de marketing numérique étaient de 5,4 millions de dollars, avec un taux d'engagement client de 42,7%.

• Total des clients industriels uniques atteints: 2,1 millions
• Dépenses de marketing numérique: 5,4 millions de dollars
• Taux d'engagement client: 42,7%

Nucor Corporation (NUE) - Modèle d'entreprise: segments de clientèle

Industries de la construction et des infrastructures

Nucor dessert les clients de la construction et de l'infrastructure avec un chiffre d'affaires annuel de 8,3 milliards de dollars en 2022. Les principales offres de produits comprennent:

• Produits en acier de structure
• Barres en acier renforçant
• Empile de tôle d'acier

Type de client	Part de marché	Dépenses annuelles
Construction commerciale	22.5%	1,87 milliard de dollars
Projets d'infrastructure	18.3%	1,52 milliard de dollars

Constructeurs automobiles

Le segment automobile a représenté 3,6 milliards de dollars de revenus pour Nucor en 2022.

• Production de feuille d'acier automobile
• Composants en acier à haute résistance
• Pièces d'acier de précision

Client automobile	Achat d'acier annuel	Durée de la relation
Ford Motor Company	750 millions de dollars	15 ans
General Motors	680 millions de dollars	12 ans

Secteur de l'énergie et du pétrole / gaz

La demande d'acier du secteur de l'énergie a atteint 2,4 milliards de dollars en 2022 pour Nucor.

• Pipe à percevoir
• Produits en boîtier
• Marchandises tubulaires

Fabricants d'équipements agricoles

Le segment des équipements agricoles a généré 1,2 milliard de dollars de revenus pour Nucor en 2022.

Producteurs d'équipements de fabrication et industriels

Le segment des équipements industriels a représenté 2,8 milliards de dollars de revenus pour Nucor en 2022.

Secteur industriel	Achat d'acier	Taux de croissance
Machinerie lourde	1,5 milliard de dollars	7.2%
Manutention des matériaux	680 millions de dollars	5.9%

Nucor Corporation (NUE) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

Les coûts d'approvisionnement en matières premières de Nucor en 2023 étaient d'environ 11,4 milliards de dollars. La société s'approvisionne en matières premières primaires, notamment:

• Scrap en acier: 7,2 milliards de dollars
• Minerai de fer: 2,1 milliards de dollars
• Additifs en alliage: 1,3 milliard de dollars
• Autres intrants métallurgiques: 800 millions de dollars

Matière première	Coût annuel (2023)	Pourcentage du total
Ferraille en acier	7,2 milliards de dollars	63.2%
Minerai de fer	2,1 milliards de dollars	18.4%
Additifs en alliage	1,3 milliard de dollars	11.4%
Autres entrées	800 millions de dollars	7%

Consommation d'énergie pour la production d'acier

La dépense énergétique totale de Nucor en 2023 était de 1,65 milliard de dollars, avec la ventilation suivante:

• Électricité: 920 millions de dollars
• Gaz naturel: 450 millions de dollars
• Charbon et autres combustibles: 280 millions de dollars

Frais de main-d'œuvre et de main-d'œuvre

Les coûts totaux de main-d'œuvre pour Nucor en 2023 étaient de 2,3 milliards de dollars, notamment:

• Salaire de main-d'œuvre directe: 1,6 milliard de dollars
• Avantages et assurance: 420 millions de dollars
• Formation et développement: 80 millions de dollars
• Bonus de performance: 200 millions de dollars

Investissements technologiques et équipements

Les dépenses en capital pour 2023 ont totalisé 1,1 milliard de dollars, avec des allocations:

• Nouvelle acquisition d'équipement: 650 millions de dollars
• Mises à niveau technologique: 280 millions de dollars
• Entretien et remplacement: 170 millions de dollars

Coûts de transport et de logistique

Les dépenses logistiques pour Nucor en 2023 s'élevaient à 780 millions de dollars:

Mode de transport	Coût annuel	Pourcentage
Transport de camions	450 millions de dollars	57.7%
Transport ferroviaire	230 millions de dollars	29.5%
Expédition maritime	100 millions de dollars	12.8%

Nucor Corporation (NUE) - Modèle d'entreprise: Strots de revenus

Ventes de produits en acier

Nucor Corporation a déclaré des ventes nettes totales de 37,4 milliards de dollars pour l'exercice 2023. Répartition des ventes de produits en acier:

Catégorie de produits	Revenus ($ m)	Pourcentage
Draps en acier	15,680	41.9%
Acier de structure	8,250	22.1%
Produits de bar	6,230	16.7%
Assiette	4,560	12.2%
Autres produits en acier	2,680	7.1%

Services de fabrication personnalisés

Revenus de fabrication personnalisés pour 2023: 3,2 milliards de dollars

• Fabrication personnalisée du secteur automobile: 1,4 milliard de dollars
• Équipement de construction Fabrication personnalisée: 890 millions de dollars
• Fabrication personnalisée du secteur de l'énergie: 610 millions de dollars
• Autre fabrication personnalisée industrielle: 300 millions de dollars

Revenus de recyclage de ferraille

Revenus de recyclage de ferraille pour 2023: 2,1 milliards de dollars

Source de recyclage	Revenus ($ m)
Ferraille industrielle	1,260
Ferraille commerciale	540
Ferraille résidentiel	300

Traitement d'acier à valeur ajoutée

Revenus de traitement à valeur ajoutée pour 2023: 4,5 milliards de dollars

• Services de galvanisation: 1 750 millions de dollars
• Peinture et revêtement: 890 millions de dollars
• Coupe de précision: 620 millions de dollars
• Traitement thermique: 420 millions de dollars
• Autres services à valeur ajoutée: 820 millions de dollars

Ventes de marché internationales et nationales

Répartition totale des ventes du marché pour 2023:

Marché	Revenus ($ m)	Pourcentage
Marché américain national	33,600	89.8%
Exportations internationales	3,800	10.2%

Nucor Corporation (NUE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why North American customers choose Nucor Corporation, and honestly, the numbers back up the claims they make about cost and quality. It's not just talk; it's baked into their operational structure.

Lowest-cost steel producer via EAF mini-mill model

Nucor Corporation's Electric Arc Furnace (EAF) model is the engine for its cost position, giving it flexibility when markets swing up or down. This operational choice is key to their value. While direct cost-per-ton comparisons against every competitor aren't public, the financial results show the strength this model supports. For instance, in the third quarter of 2025, Nucor posted net sales of $8.52 billion and an Earnings Per Share (EPS) of $2.63, demonstrating strong profitability derived from this efficient structure. Furthermore, the company continues to reward shareholders, recently increasing its regular quarterly cash dividend to $0.56 per share, payable in February 2026.

Sustainable steel: GHG intensity advantage

Nucor Corporation's value proposition on sustainability is quantified by its low-emission production. Their circular EAF process results in a Greenhouse Gas (GHG) intensity that is approximately one-third the global average for traditional blast furnace steelmakers. Specifically, Nucor's average is 0.76 metric tons of CO2e per metric ton of hot-rolled steel, compared to the global average of 1.92 metric tons of CO2e per metric ton for Scopes 1, 2, and 3 emissions. This means their production is about 60.4% cleaner than the global average based on these figures. They have also set a goal to be 77% below the global average by 2030, using a 2015 baseline.

Broadest product portfolio in North America

Nucor Corporation offers a massive array of steel products, making them a one-stop shop across several critical categories. You see this breadth reflected in their segment reporting and product listings. They manufacture carbon and alloy steel across the primary forms:

• Sheet steel (hot-rolled, cold-rolled, galvanized)
• Plate steel products
• Structural steel (wide-flange beams, H-piling)
• Bar steel products (blooms, billets, merchant bars)

This diversity is supported by substantial assets; for example, segment assets for the Steel Mills segment were reported at $16.952 billion as of April 5, 2025.

Domestic, reliable supply chain stability for North American customers

Being the largest domestic producer offers inherent supply chain advantages, especially when global logistics get choppy. Nucor Corporation backs this reliability with financial strength, holding the strongest credit ratings in the North American steel sector: A- from Standard & Poor's, A- from Fitch Ratings, and A3 from Moody's, all with stable outlooks as of late 2025. They maintain significant liquidity, reporting $2.75 billion in cash and short-term investments at the end of the third quarter of 2025, with an undrawn $2.25 billion revolving credit facility.

Value-added downstream products

The vertical integration into downstream, steel-adjacent businesses adds significant value and stability. These products include components like steel joists, joist girders, steel deck, and metal building systems. This integration is visible in internal transfers; steel mill shipments to the internal Steel Products segment represented 22% of total steel mill shipments in the second quarter of 2025. Shipments of these downstream products to outside customers saw sequential growth, increasing 9% in the second quarter of 2025 compared to the first quarter of 2025.

Value Proposition Metric	Data Point	Period/Context
GHG Intensity (Nucor Average)	0.76 metric tons of CO2e per metric ton	Scopes 1, 2, and 3 (vs. Global Average of 1.92)
GHG Intensity Reduction Goal	77% below global average	By 2030, from a 2015 baseline
Downstream Shipments Growth (QoQ)	9% increase	Q2 2025 vs. Q1 2025
Internal Mill Shipments Percentage	22%	Q2 2025 (Steel Mills to Steel Products Segment)
Credit Rating (S&P/Fitch/Moody's)	A-/A-/A3	As of late 2025
Cash & Short-Term Investments	$2.75 billion	End of Q3 2025

If you're mapping out your supply chain risk, remember that Nucor Corporation's Q3 2025 revenue was $8.52 billion, showing they are moving serious tonnage.

Nucor Corporation (NUE) - Canvas Business Model: Customer Relationships

You're looking at how Nucor Corporation manages its connections with the market, which is really about trust built on performance and financial discipline. Their stated mission is 'Taking Care of Our Customers', and this ethos drives their operational focus.

For large industrial customers, Nucor relies on a structure that supports direct engagement. While I don't have the specific headcount for dedicated direct sales teams, their decentralized structure, where division managers are empowered, suggests a close-to-the-customer operational model. This is supported by the breadth of their product offerings, which serve diverse needs across infrastructure and construction.

When dealing with complex engineered products, like the engineered special bar quality products from the Steel Mills segment, or the steel decks, joists, girders, and beams from their Steel Products division, the relationship moves beyond simple transaction. These specialized needs require long-term, high-touch collaboration to ensure the material meets precise specifications for construction and manufacturing applications. Nucor's vision includes being the premier highway products producer, which inherently demands deep partnership with those customers.

The commitment to the customer base is also reflected in Nucor Corporation's approach to its shareholders, which is a critical relationship for a publicly traded entity. The company consistently signals confidence through robust capital returns, a key part of their strategy to create long-term economic value. Here's a look at that commitment through the third quarter of 2025:

Metric	Value / Period	Context
Capital Returned to Shareholders (YTD)	Nearly $1 billion	Through the third quarter of 2025.
Net Earnings Returned (YTD)	More than 70%	Of net earnings through the third quarter of 2025.
Share Repurchases (9M 2025)	Approx. 4.8 million shares	At an average price of $126.26 per share.
Latest Declared Quarterly Dividend	$0.56 per share	Increased from $0.55; payable February 11, 2026.
Consecutive Quarterly Dividends	211th	As of the December 1, 2025 announcement.
Annualized Dividend	$2.24 per share	Resulting in a dividend yield of 1.4%.

This disciplined capital allocation supports the operational focus on quality and safety, which directly impacts customer satisfaction. Nucor Corporation's culture emphasizes being the world's safest steel company. That focus translated to a reported injury and illness rate of 0.62 for the first quarter of 2025, which they noted was the safest start to any year in Nucor history. That's a concrete number showing their commitment to the well-being of the team that serves you.

The customer-centric approach is also evident in their product quality mandate: to be the highest quality, lowest cost, most productive team in the business. They also maintain the strongest credit ratings in the North American steel sector, rated A-/A-/A3 by S&P, Fitch, and Moody's as of late 2025, which provides customers assurance about Nucor's long-term stability.

You can see the direct output of this customer focus in their recent financial reporting:

• Net earnings attributable to stockholders in Q3 2025 were $607 million.
• Consolidated net sales for Q3 2025 reached $8.52 billion.
• The Steel Mills segment produces products like hot-rolled, cold-rolled, and galvanized sheet steel.

Finance: draft 13-week cash view by Friday.

Nucor Corporation (NUE) - Canvas Business Model: Channels

You're looking at how Nucor Corporation gets its products and services to its customers, which is a mix of direct sales, internal transfers, and specialized distribution arms. It's not just about making steel; it's about moving it efficiently across North America.

The primary channel for the core steel products starts with the Steel Mills segment. This segment sells directly to external customers, but a significant portion moves internally to feed the Steel Products segment. For instance, in the second quarter of 2025, steel mill shipments to internal customers accounted for 22% of total steel mill shipments. This compares to 19% in the first quarter of 2025 and 21% in the second quarter of 2024. This internal transfer mechanism is a key part of the integrated model. For the third quarter of 2025, inside steel shipments saw a year-over-year increase of 31% compared to Q3 2024.

The Steel Products segment then acts as a major downstream channel, taking material from the mills and adding value through fabrication and distribution. Shipments to outside customers from this segment showed growth; in the second quarter of 2025, these shipments increased 9% sequentially from Q1 2025 and 6% from Q2 2024. The volume moved through this channel is substantial. Here's a look at the tonnage data for the Steel Products segment:

Metric	Q3 2025 (Thousands of Tons)	Q3 2024 (Thousands of Tons)	Year-over-Year Change
Sales Tons to External Customers	1,183	1,011	17%

Within the Steel Products segment's offerings, specific fabricated products show strong channel performance. For example, sales tonnage for rebar fabrication products increased by 28% in Q3 2025 compared to the prior year period. This shows the strength of their specialized distribution for construction-related steel.

Nucor Corporation also channels its raw material sourcing and processing capabilities externally through The David J. Joseph Company (DJJ). DJJ is critical for Nucor as North America's largest recycler, but it also serves the market by brokering materials. The estimated annual revenue for The David J. Joseph Company is approximately $629M per year, and it employs an estimated 1,473 people. Nucor acquired DJJ for approximately $1.44 billion. The brokerage and recycling activities contribute directly to Nucor's Raw Materials segment results. For the first nine months of 2025, the Raw Materials segment saw its net sales increase by 18% compared to the same period in 2024, largely driven by the scrap brokerage operations.

Finally, the Steel Mills segment itself incorporates two distinct sales channels that are often grouped with its production: steel trading and rebar distribution businesses. These specialized sales efforts allow Nucor to reach markets that might not be served directly by its primary mill shipments. The overall channel strategy is about maximizing reach and efficiency across the entire value chain.

You can see the key channel metrics summarized below:

• Steel mill shipments to internal customers reached 22% of total mill shipments in Q2 2025.
• The David J. Joseph Company has an estimated annual revenue of $629M.
• Rebar fabrication product sales tonnage grew 28% year-over-year in Q3 2025.
• The acquisition cost for The David J. Joseph Company was approximately $1.44 billion.
• Steel Products segment external sales tons were 1,183 thousand tons in Q3 2025.

Finance: draft 13-week cash view by Friday.

Nucor Corporation (NUE) - Canvas Business Model: Customer Segments

You're looking at Nucor Corporation's customer base, and honestly, it's a mix of massive, project-driven buyers and the crucial middlemen who keep the steel flowing across North America. Nucor doesn't just sell one type of steel to one type of buyer; they are deeply embedded across several foundational economic sectors.

The nonresidential construction and infrastructure market is definitely a major driver, as the demand for steel is directly tied to the level of this activity in the United States. We saw this reflected in the second quarter of 2025, where total tons shipped to outside customers increased 8% compared to the second quarter of 2024, showing resilient demand in these core areas. The plate group's new mill in Brandenburg, Kentucky, is specifically targeting new markets like bridge construction, which falls right into this infrastructure bucket. The company's overall operating rate at its steel mills reached 85% in the second quarter of 2025, up from 75% in the second quarter of 2024, indicating strong overall market pull from these construction-related customers.

The energy sector has shown sharp growth, which is a key area for Nucor's plate and structural products. For the first half of 2025, orders from the energy sector were up significantly, with shipments for transmission projects specifically jumping 88% year-over-year. This points to heavy investment in power infrastructure, utility structures, and oil/gas related construction.

The digital economy has created a unique, high-growth customer segment: data center construction. Nucor has strategically positioned itself here, forming a dedicated business unit called Nucor Data Systems to manage orders from hyperscalers and their developers. They claim to supply over 95% of all steel products required for a data center, from the building envelope to the interior infrastructure. This focus is paying off; in the third quarter of 2025, Nucor saw tonnage increase 28% for rebar fabrication and 50% for joist-and-deck products, directly fueled by this demand. Nucor executives described this opportunity as "white hot," forecasting data center construction to surge 30% year-over-year to 60 million square feet in 2026.

The automotive and general manufacturing industries are served through various product lines, including bar and structural steel. For instance, steel produced by Nucor's bar mills has wide usage serving end markets like agricultural, machinery, heavy truck, and trailer manufacturing. While specific revenue percentages for these direct manufacturing customers aren't broken out separately from other direct-to-manufacturer sales, the overall health of these sectors impacts the demand for Nucor's diverse product portfolio.

Finally, Nucor serves the distribution channel through steel service centers and independent fabricators. The Steel Mills segment sells its products primarily to steel service centers, fabricators and manufacturers. In the second quarter of 2025, steel mill shipments to internal customers (like Nucor's own Steel Products segment) represented 22% of total steel mill shipments. This means the remaining 78% went to external customers, a large portion of which are these service centers and fabricators who then distribute or process the steel further.

Here's a look at the flow of steel mill shipments to external versus internal customers in Q2 2025, which gives you a sense of the external market reliance:

Customer Type	Shipment Percentage (Q2 2025)	Comparison to Q2 2024
Internal Customers (Steel Products Segment)	22%	Up from 21%
External Customers (Service Centers, Fabricators, Direct Manufacturers)	78%	Implied from 100% - 22%

You can see the customer base is broad, but the focus on high-growth, specialized areas like data centers is a clear strategic pivot to capture higher margins. The company's total tons shipped to outside customers in the first six months of 2025 was approximately 13,650,000 tons.

• Nonresidential construction and infrastructure: Market demand driven by US nonresidential activity.
• Energy sector: Shipments for transmission projects up 88% in H1 2025.
• Data Center Construction: Nucor supplies over 95% of required steel products.
• Automotive/General Manufacturing: Served via Bar and Structural products.
• Steel Service Centers/Fabricators: Receive the majority of external shipments (implied 78% of total mill shipments in Q2 2025).

Nucor Corporation (NUE) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Nucor Corporation's decentralized, high-volume Electric Arc Furnace (EAF) model running. The cost structure is dominated by raw materials, massive ongoing capital investment, and the operational costs tied to energy and labor.

Raw material costs are the single largest variable expense. Nucor is North America's largest recycler, making scrap steel and its substitutes the primary input. For the first half of 2025, the average cost for scrap and scrap substitutes was reported at $398 per gross ton.

This cost directly impacts metal margin, which is the difference between the selling price of steel and the cost of that raw material. For context, the average scrap and scrap substitute cost per gross ton used in the first quarter of 2025 was $394, a 6% decrease compared to the first quarter of 2024's cost of $421.

The company is in a heavy investment cycle, which translates to significant high capital expenditures (CapEx) for growth. The expected full-year CapEx for 2025 is set at $3.3 billion, with about two-thirds of that spend attributed to growth projects, including major greenfield facilities.

These growth projects also generate substantial non-operating costs before they start generating revenue. Significant pre-operating and start-up costs for new mills totaled $306 million in H1 2025. For example, first-quarter 2025 pre-operating and start-up costs alone were approximately $170 million.

The EAF process is inherently energy-intensive, meaning energy costs for operating Electric Arc Furnaces (EAFs) represent a major, fluctuating component of the operating expense base. These costs are managed through Nucor's strategic facility locations and procurement practices.

Finally, the decentralized structure requires significant investment in its people. Compensation and benefits for the decentralized workforce are a fixed cost component, heavily influenced by profit sharing. For instance, profit sharing costs for the full year 2024 were $298 million, which fluctuates based on financial performance.

Here's a quick look at some of the major financial outflows driving the cost structure:

• Raw material cost (H1 2025 average): $398 per gross ton
• Expected full-year CapEx for 2025: $3.3 billion
• Pre-operating and start-up costs (H1 2025 total): $306 million
• Q1 2025 CapEx reinvestment: $807 million
• Q1 2025 Pre-operating/Start-up costs: $170 million

You can see how the capital deployment ties directly to future capacity, but it creates a near-term drag on reported earnings through depreciation and those start-up expenses. The structure relies on keeping the scrap input cost manageable relative to the selling price.

Consider the breakdown of these major cost drivers:

Cost Category	Specific Metric/Period	Amount/Value
Raw Material Cost	Average Scrap Cost per Gross Ton (H1 2025)	$398
Capital Investment	Expected Full Year CapEx (2025)	$3.3 billion
Project Ramp-Up Costs	Pre-operating and Start-up Costs (H1 2025)	$306 million
Operational Input Cost	Energy for EAFs	Variable (Not specified)
Labor Cost Driver	Profit Sharing Costs (FY 2024)	$298 million

Finance: draft 13-week cash view by Friday.

Nucor Corporation (NUE) - Canvas Business Model: Revenue Streams

You're looking at how Nucor Corporation actually brings in the money, which, as you know, is the core of any business model. For Nucor Corporation, revenue streams are heavily tied to the massive scale of its steel production and related activities, as shown in their late 2025 reporting.

The top-line number for the third quarter of 2025 was quite strong: consolidated net sales totaled $8.52 billion. That's the total revenue coming in from all their operations for that 13-week period ending October 4, 2025.

The revenue generation is broken down across three main operating segments, and looking at the pre-tax earnings gives you a clear picture of where the profitability is concentrated for that quarter. Honestly, the Steel Mills segment is doing the heavy lifting.

Here's a quick look at the pre-tax earnings contribution from each segment for the three months ended October 4, 2025:

Segment	Q3 2025 Pre-Tax Earnings (in millions USD)
Steel Mills	$793
Steel Products	$319
Raw Materials	$43

The Steel Mills segment, which is the heart of Nucor Corporation's business, brought in pre-tax earnings of $793 million for the third quarter of 2025. This segment's revenue comes from selling its primary output, which you can see listed here:

• Carbon and alloy steel in bars, beams, sheet, and plate.
• Hollow structural section tubing and electrical conduit.
• Steel joists, joist girders, and steel deck.
• Fabricated concrete reinforcing steel and cold finished steel.

Next up is the Steel Products segment, which contributed pre-tax earnings of $319 million in Q3 2025. This segment focuses on downstream, value-added products. Their revenue streams include sales from:

• Steel racking and steel piling.
• Metal building systems and insulated metal panels.
• Overhead doors and steel grating.
• Utility structures.

The Raw Materials segment, which includes internal supply chain support, posted pre-tax earnings of $43 million for the quarter. This revenue is generated from:

• Direct Reduced Iron (DRI) and hot briquetted iron sales.
• Ferro-alloys supply.
• Processing of ferrous and nonferrous scrap metals.

While the segment earnings are clear, you should also note that the Steel Mills segment specifically includes revenue from steel trading and rebar distribution businesses, managed through affiliates like The David J. Joseph Company. The financial reports group the revenue from these activities within the overall Steel Mills segment results, so you won't see a separate line item for just the trading revenue, but it's a definite part of that $793 million pre-tax earnings figure.

Finance: draft the Q4 2025 revenue projection based on the sequential guidance by Monday.