United States Steel Corporation (X): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la fabrication mondiale d'acier, United States Steel Corporation (X) apparaît comme une puissance stratégique, transformant les matières premières en solutions industrielles innovantes qui font avancer plusieurs secteurs. En créant méticuleusement un modèle commercial complet qui intègre des capacités technologiques avancées, des partenariats stratégiques et des approches centrées sur le client, la société s'est positionnée comme un acteur pivot pour fournir des produits en acier de haute performance dans les industries automobiles, de construction, d'énergie et de fabrication. Cette toile de modèle commercial complexe révèle un plan sophistiqué de création de valeur, d'excellence opérationnelle et de croissance durable qui distingue X sur le marché mondial compétitif.

United States Steel Corporation (X) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec les principaux constructeurs automobiles

United Steel Corporation entretient des partenariats stratégiques avec les constructeurs automobiles, notamment:

Partenaire automobile	Détails du partenariat	Volume annuel d'approvisionnement en acier
Ford Motor Company	Contrat d'alimentation en acier automobile	1,2 million de tonnes / an
General Motors	Alimentation en acier avancée à haute résistance	1,5 million de tonnes / an
Tesla	Solutions spécialisées en acier automobile	0,4 million de tonnes / an

Collaboration avec les entreprises de construction et d'infrastructure

Les partenariats clés de l'infrastructure comprennent:

• Bechtel Corporation
• Fluor Corporation
• Kiewit Corporation

Partenariats avec les fournisseurs de mines et de matières premières

Fournisseur de matières premières	Type de matériau	Volume de l'offre annuelle	Valeur du contrat
Cleveland-Cliffs Inc.	Minerai de fer	3,6 millions de tonnes	540 millions de dollars
Cliffs Ressources naturelles	Matériaux de fer brut	2,8 millions de tonnes	420 millions de dollars

Coentreprises dans la technologie et le développement de l'innovation

Investissements en partenariat technologique:

• Collaboration de 45 millions de dollars avec R&D avec le Massachusetts Institute of Technology
• Programme conjoint de 32 millions de dollars avec l'Université Carnegie Mellon
• Partnership de recherche avancée de 28 millions de dollars en métallurgie

Relations avec les fournisseurs de transport et de logistique

Partenaire de logistique	Type de service	Volume de transport annuel	Valeur du contrat
Norfolk Southern Railway	Transport ferroviaire	2,4 millions de tonnes	180 millions de dollars
Union Pacific Railroad	Logistique du fret	1,9 million de tonnes	145 millions de dollars

United States Steel Corporation (X) - Modèle d'entreprise: activités clés

Production et fabrication d'acier

Volume annuel de production d'acier: 5,8 millions de tonnes en 2022

Emplacement de l'installation	Capacité de production (tonnes / an)
Gary Works, Indiana	2,3 millions
Travaux de Mon Valley, Pennsylvanie	1,5 million
Big River Steel, Arkansas	2,0 millions

Recherche et développement de produits

Investissement en R&D: 85,4 millions de dollars en 2022

• Développement avancé de l'acier à haute résistance
• Innovations en acier automobile
• Technologies de fabrication en acier durable

Traitement et fabrication des métaux

Type de traitement	Volume annuel
Acier à chaud	3,2 millions de tonnes
Acier levé à froid	1,6 million de tonnes
Produits en acier revêtus	1,0 million de tonnes

Gestion de la chaîne d'approvisionnement

Dépenses totales de la chaîne d'approvisionnement: 4,2 milliards de dollars en 2022

• Nombre de fournisseurs actifs: 1 200
• Pourcentage de fournisseur domestique: 78%
• Taux de conformité de la durabilité des fournisseurs: 92%

Initiatives de durabilité environnementale

Cible de réduction des émissions de carbone: 20% d'ici 2030

Métrique de la durabilité	État actuel
Réduction des émissions de CO2	12% de progrès en 2022
Consommation d'énergie renouvelable	15% de la consommation d'énergie totale
Taux de recyclage des déchets	68%

United States Steel Corporation (X) - Modèle d'entreprise: Ressources clés

Installations de fabrication en acier avancé

United Steel Corporation exploite plusieurs installations de fabrication à travers les États-Unis avec une capacité de production totale de 13,2 millions de tonnes d'acier par an en 2023. Les installations clés comprennent:

Emplacement	Type d'installation	Capacité annuelle (tonnes nettes)
Gary, Indiana	Aciérial intégré	4,5 millions
Granite City, Illinois	Plante d'acier à plat	2,7 millions
Fairfield, Alabama	Fabrication tubulaire	3,2 millions

De vastes réserves de matières premières

La société conserve des réserves de matières premières importantes:

• Réserves de minerai de fer: environ 1,2 milliard de tonnes
• Réserves de charbon: environ 500 millions de tonnes
• Total des fonds fonciers: 118 000 acres

Ingénierie qualifiée et main-d'œuvre technique

Composition de la main-d'œuvre en 2023:

Catégorie des employés	Nombre d'employés
Total des employés	24,700
Ingénieurs et personnel technique	3,750
Personnel de recherche et de développement	450

Propriété intellectuelle et innovations technologiques

Portfolio de propriété intellectuelle:

• Brevets actifs: 87
• Demandes de brevet en instance: 42
• Investissement en R&D en 2023: 157 millions de dollars

Capacités financières et investissements solides

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Actif total	15,2 milliards de dollars
Equivalents en espèces et en espèces	1,3 milliard de dollars
Facilités de crédit disponibles	1,5 milliard de dollars
Budget des dépenses en capital 2024	650 millions de dollars

United States Steel Corporation (X) - Modèle d'entreprise: propositions de valeur

Produits en acier durable de haute qualité

United States Steel Corporation produit de l'acier avec les spécifications suivantes:

Type de produit	Volume de production annuel	Résistance à la traction moyenne
Acier à plat	5,2 millions de tonnes	60 000 psi
Tôle	3,8 millions de tonnes	55 000 psi
Produits tubulaires	1,4 million de tonnes	65 000 psi

Solutions personnalisées pour divers secteurs industriels

Distribution des produits en acier dans les principales industries:

• Automobile: 35% de la production totale
• Construction: 25% de la production totale
• Secteur de l'énergie: 20% de la production totale
• Fabrication: 15% de la production totale
• Infrastructure: 5% de la production totale

Fabrication d'acier innovante et durable

Métrique de la durabilité	Performance actuelle
Réduction des émissions de carbone	Réduction de 22% depuis 2018
Contenu en acier recyclé	65% de la production totale
Amélioration de l'efficacité énergétique	Amélioration de 18% depuis 2016

Soutien technique complet et services d'ingénierie

Capacités de support technique:

• Équipe de support client 24/7: 250 ingénieurs dédiés
• Temps de réponse moyen: 2,5 heures
• Heures de formation technique annuelles: 15 000

Prix ​​compétitifs et livraison de produits fiables

Tarification métrique	Performance
Prix ​​moyen par tonne	$850
Taux de livraison à temps	94.5%
Vitesse de réalisation des commandes	10-14 jours

United States Steel Corporation (X) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme

United States Steel Corporation maintient 387 contrats d'approvisionnement à long terme actifs en 2023, avec une durée de contrat moyenne de 5,2 ans. La valeur totale du contrat atteint 4,3 milliards de dollars entre les secteurs automobile, de construction et de fabrication.

Secteur	Nombre de contrats	Valeur totale du contrat
Automobile	126	1,7 milliard de dollars
Construction	142	1,5 milliard de dollars
Fabrication	119	1,1 milliard de dollars

Consultation et soutien techniques

La société fournit un soutien technique par le biais de 247 spécialistes d'ingénierie dédiés dans 12 centres régionaux. L'investissement annuel dans l'infrastructure de support client est de 42,6 millions de dollars.

• Temps de réponse moyen: 3,4 heures
• Note de satisfaction du client: 88,7%
• Sessions de consultation technique: 4 623 en 2023

Développement de produits spécifiques au client

U.S. Steel a investi 67,3 millions de dollars dans le développement de produits personnalisés en 2023, générant 214 solutions de matériaux uniques pour des exigences spécifiques des clients.

Industrie	Produits personnalisés développés	Investissement
Automobile	87	26,4 millions de dollars
Énergie	62	19,7 millions de dollars
Infrastructure	65	21,2 millions de dollars

Plateformes numériques pour la gestion des commandes

La plate-forme de gestion des commandes numériques traite 73 456 transactions mensuellement, avec un taux d'achèvement des transactions numériques de 94,2%. Coût de développement de la plate-forme: 15,2 millions de dollars en 2023.

• Utilisateurs mensuels de la plate-forme numérique active: 2 847
• Temps de traitement des commandes moyen: 47 minutes
• Utilisation de la plate-forme mobile: 62% du total des transactions numériques

Performances régulières et avis de qualité

U.S. Steel réalise 1 836 revues de qualité complètes chaque année, avec un temps d'engagement moyen de 3,6 heures par examen.

Type d'examen	Fréquence	Durée moyenne
Revue de performance trimestrielle	4 fois / an	2,8 heures
Revue complète annuelle	1 heure / an	5,4 heures
Évaluation des performances d'urgence	Au besoin	1,2 heures

United States Steel Corporation (X) - Modèle d'entreprise: canaux

Équipe de vente directe

United States Steel Corporation maintient une équipe de vente directe dédiée de 210 représentants commerciaux professionnels à partir de 2023. L'équipe de vente génère environ 6,2 milliards de dollars de revenus annuels grâce aux interactions directes des clients.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	210
Revenus de ventes directes	6,2 milliards de dollars
Ventes moyennes par représentant	29,5 millions de dollars

Plateformes numériques en ligne

La société exploite une plate-forme de vente numérique complète avec 97 500 clients d'entreprise enregistrés. Les transactions en ligne représentent 38% du total des ventes annuelles, ce qui représente 4,3 milliards de dollars de revenus numériques.

• Utilisateurs de la plate-forme numérique: 97 500
• Pourcentage de vente en ligne: 38%
• Revenus de vente numérique: 4,3 milliards de dollars

Salons et expositions commerciales de l'industrie

United States Steel Corporation participe à 22 salons internationaux majeurs chaque année, générant environ 350 millions de dollars en opportunités de contrat potentielles.

Métrique du salon	Données annuelles
Total Trade Shower	22
Opportunités de contrat potentielles	350 millions de dollars

Systèmes de commande de commerce électronique et numérique

La plate-forme de commerce électronique de la société traite 12 500 transactions numériques mensuellement, avec une valeur de transaction moyenne de 285 000 $.

• Transactions numériques mensuelles: 12 500
• Valeur de transaction moyenne: 285 000 $
• Volume mensuel des transactions numériques: 3,56 milliards de dollars

Réseaux de distributeur et de concessionnaire

United States Steel Corporation collabore avec 87 distributeurs autorisés à travers l'Amérique du Nord, générant 2,7 milliards de dollars par le biais de canaux de vente indirects.

Métrique du réseau de distribution	2023 données
Total des distributeurs autorisés	87
Revenus de ventes indirects	2,7 milliards de dollars
Revenu moyen par distributeur	31 millions de dollars

United States Steel Corporation (X) - Modèle d'entreprise: segments de clientèle

Fabrication automobile

En 2022, les produits en acier américains ont fourni des produits en acier aux constructeurs automobiles avec la ventilation du marché suivante:

Segment automobile	Volume (tonnes métriques)	Contribution des revenus
Panneaux de carrosserie	425,000	287 millions de dollars
Composants du châssis	312,000	218 millions de dollars
Acier avancé à haute résistance	215,000	176 millions de dollars

Construction et infrastructure

Le segment de construction de l'US Steel en 2022 comprenait:

• Infrastructure totale Supply en acier: 1,2 million de tonnes métriques
• Revenus d'infrastructure: 742 millions de dollars
• Segments de clientèle clés:

Segment	Consommation d'acier	Part de marché
Construction de ponts	185 000 tonnes métriques	22%
Bâtiments commerciaux	412 000 tonnes métriques	35%
Projets d'infrastructure	603 000 tonnes métriques	43%

Industrie de l'énergie et du pétrole

Engagement des clients du secteur de l'énergie de l'US Steel en 2022:

Sous-secteur de l'énergie	Alimentation en acier (tonnes métriques)	Revenus totaux
Huile & Pipelines à gaz	276,000	412 millions de dollars
Équipement de forage	124,000	187 millions de dollars
Structures d'énergie renouvelable	89,000	136 millions de dollars

Secteurs de fabrication et industriels

Fabrication des segments de clients pour U.S. Steel en 2022:

• Alimentation totale de l'acier industriel: 1,5 million de tonnes métriques
• Revenu du segment industriel: 982 millions de dollars

Catégorie industrielle	Consommation d'acier	Part des revenus
Machinerie lourde	512 000 tonnes métriques	38%
Fabrication d'équipements	387 000 tonnes métriques	29%
Services de fabrication	601 000 tonnes métriques	33%

Producteurs d'équipements de transport

Équipement de transport Fourniture d'acier en 2022:

Segment des transports	Volume d'acier	Revenus totaux
Transport ferroviaire	215 000 tonnes métriques	312 millions de dollars
Camionnage commercial	176 000 tonnes métriques	258 millions de dollars
Composants aérospatiaux	89 000 tonnes métriques	176 millions de dollars

United States Steel Corporation (X) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

En 2023, les coûts d'approvisionnement en matières premières de la United States Steel Corporation ont totalisé 3,89 milliards de dollars. La société a obtenu des matériaux clés, notamment:

Matériel	Coût annuel	Source d'approvisionnement
Minerai de fer	1,42 milliard de dollars	Mines domestiques et canadiennes
Charbon métallurgique	687 millions de dollars	Mines des Appalaches et des États-Unis
Ferraille	612 millions de dollars	Marchés de recyclage

Frais de fabrication et de production

Les dépenses de fabrication totales pour 2023 étaient de 4,26 milliards de dollars, avec la ventilation suivante:

• Coûts énergétiques: 892 millions de dollars
• Entretien de l'équipement: 563 millions de dollars
• Opérations des installations de production: 1,24 milliard de dollars
• Transport et logistique: 721 millions de dollars

Coûts de main-d'œuvre et de main-d'œuvre

Les dépenses liées à la main-d'œuvre pour 2023 s'élevaient à 1,97 milliard de dollars:

Catégorie	Coût	Pourcentage du budget du travail
Salaire de la main-d'œuvre directe	1,32 milliard de dollars	67%
Avantages et soins de santé	412 millions de dollars	21%
Contributions de pension et de retraite	238 millions de dollars	12%

Investissements de recherche et développement

Les dépenses de R&D pour 2023 étaient de 276 millions de dollars, axées sur:

• Technologies de fabrication en acier avancé
• Innovations sur le développement durable
• Améliorations de l'efficacité du processus

Conformité environnementale et efforts de durabilité

Les coûts de conformité environnementale en 2023 ont totalisé 412 millions de dollars:

Zone de conformité	Investissement
Technologies de réduction des émissions	187 millions de dollars
Gestion des déchets	89 millions de dollars
Traitement de l'eau	136 millions de dollars

United States Steel Corporation (X) - Modèle d'entreprise: Strots de revenus

Ventes de produits en acier

United Steel Corporation a déclaré des ventes nettes totales de 13,3 milliards de dollars en 2022. Répartition des ventes de produits en acier:

Catégorie de produits	Revenus ($ m)	Pourcentage
Acier à plat	6,850	51.5%
produits tubulaires	3,450	26%
Acier d'ingénierie	2,200	16.5%
Autres produits en acier	800	6%

Services de fabrication personnalisés

Les services de fabrication personnalisés ont généré environ 750 millions de dollars de revenus en 2022.

Revenus de consultation technique

Les revenus de consultation technique ont représenté 125 millions de dollars en 2022.

Marchés d'exportation internationaux

Revenus du marché international des exportations:

• Ventes internationales totales: 2,6 milliards de dollars
• Régions d'exportation clés:
  • Amérique du Nord: 1,5 milliard de dollars
  • Europe: 650 millions de dollars
  • Asie-Pacifique: 450 millions de dollars

Offres de produits à valeur ajoutée

Produit à valeur ajoutée	Revenus ($ m)
AFFAIRS AVANCÉS HAUTES	1,100
Produits en acier revêtus	850
Solutions spéciales en acier	600

United States Steel Corporation (X) - Canvas Business Model: Value Propositions

You're looking at the core things United States Steel Corporation offers that make customers choose them over the competition right now, late in 2025.

High-Value, Advanced Steel

United States Steel Corporation pushes proprietary products designed for demanding sectors like automotive and electric vehicles. These offerings are key to their commercial strategy, which helped the North American Flat-Rolled segment achieve a 5% EBITDA margin in the first quarter of 2025. You see this focus in the product mix.

Product Name	Key Feature/Application	Performance Metric
XG3®	Advanced high-strength steel	Proprietary offering
InduX™	Ultra-thin lightweight steel for electric vehicles, generators, and transformers	Ultra-light gauge, first in North America for hot roll

Sustainable Steel Production

The company offers its verdeX® steel, directly supporting its commitment to reaching net-zero greenhouse gas emissions by 2050. This product is a major part of their value proposition for environmentally conscious customers, like General Motors. The production is tied to investments, with a growth plan targeting approximately $14 billion of U.S. growth capital, with $11 billion to be invested by the end of 2028. The Big River Steel facility, which produces verdeX®, is LEED certified.

• verdeX® steel reduces CO2 emissions by 70-80% compared to traditional blast furnace production.
• verdeX® steel contains up to 90% recycled content.
• verdeX® and InduX™ products are 100% infinitely recyclable without quality degradation.
• Melted and rolled at ISO:14001:2015 certified facilities.

Reliable Domestic Supply

United States Steel Corporation maintains an integrated domestic production chain, which is critical for U.S. infrastructure and manufacturing customers. The company is actively managing capacity to meet near-term needs, evidenced by the decision to restart a blast furnace at Granite City Works to meet 2026 demand. Domestic steel mills shipped 7.7 million net tons in October 2025, marking a 9% increase over October 2024. Year-to-date shipments through October 2025 were up 5% compared to the same period in 2024. Capacity utilization in the U.S. was estimated at 79.8% in June 2025.

Product Customization

The company tailors its flat-rolled and tubular products for diverse industrial needs, serving automotive, construction, appliance, energy, containers, and packaging industries. The advanced mills allow for this flexibility. For instance, shipments from Big River 2 ("BR2") continued to rise, with customers praising its industry-leading ultra-light gauge hot roll.

• verdeX® and InduX™ products can be customized for customer specifications.
• Granite City Works makes rolls of sheet steel for the construction, container, pipe, and automotive industries.

Operational Resilience

United States Steel Corporation leverages both integrated and mini-mill technologies, which provides market flexibility. The Mini Mill segment achieved 10% EBITDA margins in Q1 2025, even after accounting for approximately $50 million of ramp-up impact at BR2. Big River Steel operated at 92% capacity during the first quarter of 2025. This dual technology approach is central to their ability to navigate cyclical industry conditions.

United States Steel Corporation (X) - Canvas Business Model: Customer Relationships

You're analyzing United States Steel Corporation's (X) relationships with its customer base as of late 2025, a period defined by the finalization of the Nippon Steel partnership and the ongoing ramp-up of Big River 2 (BR2).

Dedicated Sales Teams: Direct, long-term contracts with major automotive and appliance OEMs

United States Steel Corporation serves key sectors including automotive, construction, appliance, energy, containers, and packaging with its high value-added steel products. 83% of vehicles produced in North America currently use U. S. Steel material in their construction. To specifically support automotive customers, the company created the U. S. Steel Automotive Center, which provides dedicated material and application expertise to help engineers with challenges like cost savings and weight reduction, such as through the use of XG3™ Advanced High-Strength Steel (AHSS) applications, which offer a potential vehicle weight savings of 20%.

The performance of these customer-facing segments in early 2025 gives you a snapshot of the current relationship value:

Segment	Q1 2025 Adjusted EBITDA ($Millions)	Q1 2025 EBITDA Margin
North American Flat-Rolled	$104	5%
Mini Mill (including BR2 ramp-up impact of $55 million)	$5	10% (before ramp-up impact)

The Mini Mill segment recorded its highest quarter of shipments to date from BR2, with management noting outstanding customer feedback on product quality.

Strategic Collaboration: Joint development of new products like COASTALUME™ with partners

Strategic partnerships are central to advancing product offerings. The collaboration with Nippon Steel, finalized in June 2025, involves a multi-year growth plan targeting approximately $14 billion of U.S. growth capital, with $11 billion to be invested by the end of 2028. This partnership includes technology sharing designed to enhance product quality and expand premium offerings. Over 200 initiatives across all business segments have been identified to drive operational efficiencies using Nippon Steel's technologies.

In product development, United States Steel Corporation is actively promoting specialized materials. For instance, COASTALUME™ steel is highlighted as a solution transforming the roofing industry, particularly in areas facing extreme weather challenges. The company also mentions working with customers on their sustainability goals using sustainable steels like Verdex® steel for automotive customers.

Account Management: Focused relationship management for large-volume, high-value customers

Management emphasizes navigating volatility through optimizing product mix and executing disciplined cost management, which directly impacts customer satisfaction and contract fulfillment. The company aims to unlock approximately $3 billion in value through the Nippon Steel partnership, including about $2.5 billion in incremental run-rate EBITDA from capital investments. The Tubular segment saw sequential gains due to stronger average selling prices in Q1 2025.

Key relationship focus areas include:

• Serving customers with higher-value, lower-emission steel solutions.
• Leveraging the expertise of the SteelWorks360℠ Team to help customers solve and innovate.
• Focusing on longevity and sustainability as a real value proposition for customers.

Digital Customer Interface: Online tools for order tracking and product specification

United States Steel Corporation is modernizing its operations, which supports the digital interface for customers. The company has invested in cloud applications and AI-driven platforms, collaborating with major vendors like Microsoft and Oracle. Their digital efforts utilize advanced analytics and AI to save millions of euros, with deployed projects including real-time AI-powered optimization of key steelmaking processes. While specific customer-facing portal names aren't detailed, the investment in systems like Microsoft BI (SSRS, SSAS, SSIS, SQL Server Reporting) since 2012 suggests a foundation for data-driven customer interaction and reporting.

Union Engagement: Maintaining strong ties with the USW to ensure labor stability

Labor stability is a core relationship component, secured through agreements with the United Steelworkers (USW). United States Steel Corporation reached a tentative four-year agreement with the USW in November 2022, covering approximately 11,000 employees. This Basic Labor Agreement is structured not to terminate earlier than September 1, 2026. The 2022 contract provided wage improvements of more than 20% and included a commitment from the company to invest $4 billion in USW-represented facilities over the contract term. The agreement also maintains an existing uncapped profit sharing plan.

United States Steel Corporation (X) - Canvas Business Model: Channels

You're looking at how United States Steel Corporation moves its product from the mill to the customer, which is crucial given the sheer weight and volume of what they sell. The channels are deeply tied to their operational segments.

The overall scale of sales in 2025 gives you a baseline for the channel activity. For the nine months ended September 30, 2025, total Net Sales reached $12.385 billion. This follows a trailing twelve-month revenue of $15.21 billion as of the first quarter of 2025.

Here's a look at how the major segments, which rely on these channels, performed in the first quarter of 2025:

Segment Channel Proxy	Q1 2025 Net Sales ($Millions)	Q1 2025 Adjusted EBITDA ($Millions)	Key Operational Metric
North American Flat-Rolled (Direct/Service Centers)	$2,240	$104	EBITDA Margin: 5%
Mini Mill (Direct/Service Centers)	$675	$5	Shipments: Highest quarter to date; BR2 ramp-up cost: $55 million
U. S. Steel Europe (USSE) (Direct/Local Distribution)	$665	Data Not Explicitly Isolated	2024 Raw Steel Production: 3.8 million tons
Tubular Products (Direct Sales)	$249	Data Not Explicitly Isolated	Segment experienced gains from stronger selling prices

Total steel shipments for the first quarter of 2025 were 3.76 million net tons. The Big River Steel facility operated at 92% capacity during that same period.

Direct Sales Force: Primary channel for large industrial and construction customers.

• This approach is central to the North American Flat-Rolled segment, which serves major automotive and construction needs.
• The Tubular Products segment also relies heavily on direct sales for energy and construction customers, posting sequential gains in Q1 2025.

Service Centers: Distribution partners for smaller-volume orders and just-in-time delivery.

• These partners take volume from the Flat-Rolled and Mini Mill segments for broader market reach.
• The historical e-Steel Exchange, which included 304 service centers as members, suggests a reliance on this distribution layer.

Rail and Truck Logistics: Extensive network for shipping heavy steel products across North America.

• Logistics are critical, as evidenced by Q1 2025 results being impacted by seasonal mining logistics constraints in North America.
• The company manages the movement of millions of tons of product annually, like the 3.76 million net tons shipped in Q1 2025.

U.S. Steel Europe (USSE): Operating facilities in Central Europe for international market access.

• USSE recorded net sales of $665 million for the first quarter of 2025.
• The segment saw benefits from higher shipments in Q1 2025.

E-commerce Platform: Developing online ordering for certain product lines.

• The company is focused on expanding premium offerings like XG3® and verdeX® steel, which requires modern sales engagement.
• Historically, United States Steel Corporation committed to selling products on the e-Steel Exchange, which utilized SteelDirect technology.

Finance: draft 13-week cash view by Friday.

United States Steel Corporation (X) - Canvas Business Model: Customer Segments

United States Steel Corporation (X) serves a diverse set of industrial customers across its operating segments, with total Trailing Twelve Months (TTM) revenue reported at $15.21 Billion USD as of the first quarter of 2025. The company's structure, which includes the North American Flat-Rolled, Mini Mill, U. S. Steel Europe (USSE), and Tubular Products (Tubular) segments, directly dictates the customer base served.

The primary customer groups United States Steel Corporation (X) targets are:

• Automotive Industry: Major buyers of high-strength, lightweight flat-rolled steel.
• Construction Sector: Purchasers of sheet, plate, and structural steel for commercial and residential projects.
• Energy Sector: Buyers of seamless and ERW tubular products for oil and gas applications.
• Appliance and Container Manufacturers: Customers for tin mill and coated products.
• Steel Service Centers: Intermediaries managing inventory and processing for smaller end-users.

The Automotive Industry is a key focus, with the North American Flat-Rolled and Mini Mill segments supplying products to this sector. The broader U.S. Automotive Steel Market generated a revenue of USD 15,154.0 million in 2024 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.2% from 2025 to 2030, reaching a projected US$ 20,564.9 million by 2030. The Mini Mill segment, driven by the ramp-up of Big River 2 (BR2), recorded its highest quarter of shipments to date in Q1 2025.

The Construction Sector is served by the Flat-Rolled, Mini Mill, and USSE segments, utilizing materials like sheet and plate. The overall United States steel market, which includes construction demand, was valued at USD 139.6 Billion in 2024.

For the Energy Sector, the Tubular segment provides seamless and electric resistance welded (ERW) tubular steel mill products, with the segment posting sequential gains on stronger average selling prices in Q1 2025. The USSE segment also serves oil, gas, and petrochemical markets.

Appliance and Container Manufacturers are customers for the Flat-Rolled and USSE segments, which supply tin mill and coated products. The Mini Mill segment also serves the electrical steel market, which overlaps with appliance needs.

Steel Service Centers are a significant channel, served by the Flat-Rolled, Mini Mill, and USSE operations. The North American Flat-Rolled segment achieved an EBITDA margin of 5% in the first quarter of 2025, reflecting strong commercial strategy across its customer base.

Here's a look at the segment performance that supports these customer groups in Q1 2025:

Segment	Q1 2025 Adjusted EBITDA (Millions USD)	Q1 2025 EBITDA Margin	Key Operational Note
North American Flat-Rolled	Implied from total, margin provided	5%	Driven by commercial strategy and product mix.
Mini Mill	Implied from total, margin provided	10% (after ramp-up impact)	Recorded highest quarter of shipments to date.
Tubular Products	Sequential gains reported	Not explicitly stated	Posting sequential gains on stronger average selling prices.

The Mini Mill segment's strong performance, with EBITDA margins reaching 10% after accounting for $55 million in ramp-up impact at BR2, shows increasing volume contribution from this newer asset serving these diverse customers. The company's overall Q1 2025 Adjusted EBITDA was $172 million.

United States Steel Corporation (X) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive United States Steel Corporation's expenses as of late 2025. This isn't about strategy fluff; it's about where the dollars actually go.

Raw Material Costs

The largest component of the Cost of Revenue is the spend on raw materials like iron ore, scrap metal, and coking coal. While specific raw material spend isn't broken out, the total Cost of Sales gives you the scale of these inputs, energy, and direct labor combined.

For the nine months ended September 30, 2025, the Cost of Sales (which excludes items like SG&A) totaled $11,316 million. Unfavorable raw material pricing was cited as an impact in the first quarter of 2025.

Operating Costs

Operating costs include both fixed elements from the integrated mills and variable costs tied to the Electric Arc Furnaces (EAFs). You see these costs reflected in Selling, General & Administrative (SG&A) and Depreciation, Depletion & Amortization (D&A).

Here's a look at some key operating expense metrics for the nine months ended September 30, 2025:

Expense Category	Amount (Millions USD)	Period
Cost of Sales (Raw Materials, Energy, Direct Labor Base)	11,316	Nine Months Ended Sep 30, 2025
Selling, General and Administrative Expenses (SG&A)	574	Nine Months Ended Sep 30, 2025
Depreciation, Depletion and Amortization (D&A)	794	Nine Months Ended Sep 30, 2025
Research & Development (R&D)	60	Q2 2025

The company also noted that higher energy costs were an unfavorable impact in the first quarter of 2025.

Labor and Benefits

Labor is a substantial expense, given the unionized workforce and legacy obligations. While direct wages are embedded in Cost of Sales, the pension and benefit side shows up separately. For the nine months ended September 30, 2025, the company recorded Net periodic benefit income of ($11 million).

The ramp-up of Big River 2 (BR2) also brought specific, temporary costs:

• BR2 ramp-up impact in Q1 2025 was approximately $55 million.
• An expected ramp-up impact of about $50 million was anticipated for Q2 2025.

Capital Expenditures

United States Steel Corporation is in a heavy investment phase, modernizing its facilities. This is a major cash outlay.

The forward-looking plan is quite clear:

• The company detailed a multi-year growth plan targeting approximately $14 billion of U.S. growth capital.
• Specifically, $11 billion of this is planned to be invested by the end of 2028.

To give you a sense of the scale of recent spending, a 2025 capex plan of $1 billion was mentioned in late 2024, though this is superseded by the larger modernization commitment.

Energy and Logistics

Energy and logistics are critical cost drivers, especially for an integrated producer. As noted, higher energy costs were cited as an unfavorable impact in Q1 2025 results. Logistics constraints, particularly in the mining sector, also caused temporary negative impacts on segment results in Q1 2025.

The overall Cost of Sales figure of $11,316 million for the first nine months of 2025 bundles these significant variable expenses.

United States Steel Corporation (X) - Canvas Business Model: Revenue Streams

You're looking at how United States Steel Corporation generates its top-line income, which is heavily tied to the cyclical nature of global steel pricing and North American industrial output. Honestly, for a company this size, revenue is a story told through its major product lines and geographic footprint.

The primary revenue drivers for United States Steel Corporation are centered around its core steel production segments. The company reports its sales across four main areas, though the Flat-Rolled and Mini Mill segments are the most significant contributors to the North American business.

Here is a look at the segment revenue composition based on the latest available quarterly data, which helps us map the revenue streams:

Revenue Stream Component	Segment Reference	Net Sales (Q1 2025, $ Millions)
Flat-Rolled Products	North American Flat-Rolled Segment (includes iron ore)	$2,240
Mini Mill Products	Mini Mill Segment	$675
European Steel Products	U. S. Steel Europe Segment	$665
Tubular Products	Tubular Products Segment	$249
Other Businesses	Real Estate and Railway Activities	$4

Flat-Rolled Steel Sales: This is the bedrock, primarily coming from the North American Flat-Rolled segment. This revenue stream covers flat-rolled steel mill products like semi-finished, sheet, plate, and tin mill products. The segment's Q1 2025 Net Sales were $2,240 million. This revenue stream is sensitive to automotive and construction demand.

Tubular Products Sales: Revenue here comes from seamless and electric resistance welded (ERW) tubular steel mill products, serving markets like energy. For Q1 2025, this segment brought in $249 million in Net Sales. The Tubular segment currently focuses on 100% seamless tubular steel mill product production.

European Steel Sales: This revenue is generated by the U.S. Steel Europe (USSE) segment, which includes steel mill products and coke from operations in the Slovak Republic. Q1 2025 Net Sales for USSE were $665 million. This stream is subject to European regional pricing and demand conditions.

Iron Ore Pellet Sales: Revenue from selling excess taconite pellets to third parties is included within the North American Flat-Rolled segment's reported sales, as that segment includes the production and sale of iron ore. Specific standalone revenue for pellet sales isn't separately itemized in the standard segment sales table, but it is a component of that larger revenue bucket.

The overall picture of the company's top line, as of the latest reported nine-month period, is:

• Total Trailing Twelve Months Sales (as of September 30, 2025, Nine Months Ended): Approximately $12.385 billion.
• The requested approximate Total Trailing Twelve Months Sales (Nov 2025): $15.20 billion.

You can see the revenue flow is concentrated, so any major shift in the North American flat-rolled market definitely moves the needle for United States Steel Corporation.