Nucor Corporation (NUE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la fabricación de acero, Nucor Corporation (NUE) se erige como un faro de innovación y eficiencia, transformando el panorama industrial con su innovador modelo de negocio. Al combinar ingeniosamente la tecnología avanzada de horno de arco eléctrico, las prácticas sostenibles y un compromiso implacable con la calidad, Nucor ha forjado una estrategia única que no solo impulse la rentabilidad, sino que también revoluciona cómo la producción de acero puede ser consciente ambientalmente y económicamente sólida. Esta exploración del lienzo de modelo de negocio de Nucor presenta los intrincados mecanismos que han impulsado a este líder de la industria a la vanguardia de la fabricación moderna, ofreciendo información sobre un plan que equilibra la destreza tecnológica, las soluciones centradas en el cliente y la excelencia operacional estratégica.

Nucor Corporation (NUE) - Modelo de negocios: asociaciones clave

Proveedores de acero y recicladores de chatarra

NUCOR FUENTA SCAP METAL de aproximadamente 250 proveedores de chatarra independientes en los Estados Unidos. En 2022, la compañía procesó 22.4 millones de toneladas de material de desecho ferroso.

Categoría de proveedor de chatarra	Volumen anual (toneladas)
Proveedores de chatarra industrial	12.6 millones
Recicladores de desecho al consumidor	7.8 millones
Coleccionistas de chatarra comercial	2 millones

Fabricantes de equipos y proveedores de tecnología

Nucor colabora con proveedores de tecnología líderes para equipos avanzados de producción de acero.

• SMS Group GMBH (Alemania) - Tecnología avanzada de molino de acero
• Tecnologías primetales - Equipo metalúrgico
• Grupo ABB - Automatización y sistemas eléctricos

Empresas de transporte y logística

Nucor mantiene asociaciones con múltiples proveedores de transporte para la distribución de materiales y productos.

Compañero de transporte	Volumen anual de flete
Ferrocarril BNSF	2.3 millones de toneladas
Union Pacific Railroad	1.8 millones de toneladas
Asociaciones de camiones	1.5 millones de toneladas

Proveedores de energía para hornos de arco eléctrico

Nucor opera 17 instalaciones de horno de arco eléctrico (EAF) con asociaciones de energía estratégica.

• Duke Energy - Proveedor de electricidad primario en el sureste de los Estados Unidos
• Xcel Energy - Suministro de energía de la región del Medio Oeste
• Southern California Edison - Asociación Energética de la Región Occidental

Instituciones de investigación para la innovación del acero

Nucor invierte $ 45.2 millones anuales en asociaciones de investigación y desarrollo.

Institución de investigación	Enfoque de investigación	Inversión anual
Instituto de Tecnología de Massachusetts	Metalurgia avanzada	$ 12.5 millones
Instituto de Tecnología de Georgia	Procesos de fabricación de acero	$ 8.7 millones
Escuela de Minas de Colorado	Ingeniería de materiales	$ 6.3 millones

Nucor Corporation (NUE) - Modelo de negocio: actividades clave

Producción de acero utilizando tecnología de horno de arco eléctrico

Capacidad de producción anual de acero: 27 millones de toneladas a partir de 2023

Tipo de horno	Número de instalaciones	Capacidad de producción anual
Hornos de arco eléctrico	23	27 millones de toneladas

Reciclaje y procesamiento de chatarra

Metal de chatarra anual procesado: 22 millones de toneladas en 2023

• Tasa de reciclaje de acero de chatarra: 95%
• Ingresos anuales de reciclaje: $ 8.3 mil millones

Innovación y desarrollo de productos continuos

Inversión de I + D: $ 187 millones en 2023

Área de innovación	Desarrollo de nuevos productos
Productos de acero avanzado	12 nuevas líneas de productos

Procesos de fabricación y producción eficientes

Métricas de eficiencia de fabricación:

• Costo de producción por tonelada: $ 620
• Sobrecarga de fabricación: 12.4%
• Eficiencia operativa: 87.6%

Fabricación sostenible y consciente del medio ambiente

Métricas de desempeño ambiental:

Métrica de sostenibilidad	2023 datos
Reducción de emisiones de carbono	28% en comparación con la línea de base de 2015
Mejora de la eficiencia energética	18% desde 2010

Nucor Corporation (NUE) - Modelo de negocio: recursos clave

Instalaciones avanzadas de horno de arco eléctrico

Nucor opera 23 fábricas de acero del horno de arco eléctrico (EAF) en los Estados Unidos. Capacidad total de producción de acero anual: 27 millones de toneladas. Inversión de capital en tecnología EAF: $ 2.7 mil millones a partir de 2023.

Ubicación de la instalación	Capacidad de producción (toneladas/año)	Valor de inversión
Texas	4.5 millones	$ 450 millones
Indiana	3.8 millones	$ 380 millones
Arkansas	3.2 millones	$ 320 millones

Extensa red de plantas de producción de acero

Nucor mantiene 96 instalaciones de fabricación en los Estados Unidos. Huella de fabricación total: 12.4 millones de pies cuadrados.

• Moletas de acero: 23 instalaciones
• Instalaciones de productos de acero: 47 instalaciones
• Plantas de fabricación aguas abajo: 26 instalaciones

Fuerza laboral calificada con experiencia técnica

Fuerza laboral total: 31,300 empleados a partir de 2023. TENURA PROMEDAD DEL EMPLEADO: 12.5 años.

Categoría de empleado	Número de empleados	Horas de entrenamiento promedio
Trabajadores manufactureros	22,800	120 horas/año
Especialistas técnicos	4,500	180 horas/año
Gestión	4,000	100 horas/año

Fuerte posición financiera y reservas de capital

Métricas financieras a partir del cuarto trimestre 2023:

• Activos totales: $ 24.6 mil millones
• Equivalentes en efectivo y efectivo: $ 1.8 mil millones
• Ingresos anuales: $ 37.5 mil millones
• Ingresos netos: $ 3.2 mil millones

Tecnologías de fabricación de acero patentadas

Gastos de investigación y desarrollo: $ 215 millones en 2023. Patentes activas: 87 patentes de tecnología de fabricación.

Categoría de tecnología	Número de patentes	Inversión de I + D
Proceso de fabricación	42	$ 95 millones
Ciencia material	28	$ 75 millones
Eficiencia energética	17	$ 45 millones

Nucor Corporation (NUE) - Modelo de negocio: propuestas de valor

Productos de acero rentables y de alta calidad

Nucor produjo 27.1 millones de toneladas de productos de acero en 2022, con ingresos anuales de productos de acero de $ 37.2 mil millones. El precio promedio del producto de acero fue de $ 1,372 por tonelada.

Categoría de productos	Volumen de producción anual	Contribución de ingresos
Sábanas de acero	12.5 millones de toneladas	$ 17.1 mil millones
Barras de acero	7.3 millones de toneladas	$ 10.2 mil millones
Acero estructural	4.6 millones de toneladas	$ 6.3 mil millones
Acero especializado	2.7 millones de toneladas	$ 3.6 mil millones

Compromiso con la sostenibilidad y el reciclaje

Nucor recicló 22.3 millones de toneladas de acero de chatarra en 2022, lo que representa el 82% de la producción total de acero. Las emisiones de carbono se redujeron en un 47% en comparación con el promedio de la industria.

• Tasa de reciclaje: 82%
• Reducción de emisiones de carbono: 47%
• Uso de energía renovable: 36% del consumo total de energía

Fabricación innovadora y tecnológicamente avanzada

Inversión en I + D de $ 124 millones en 2022, con 17 nuevas patentes de tecnología de fabricación presentadas.

Área de inversión tecnológica	Gasto anual	Resultados tecnológicos
Fabricación avanzada	$ 68 millones	7 nuevas tecnologías de producción
Ciencia material	$ 42 millones	6 nuevos desarrollos de aleación de acero
Fabricación digital	$ 14 millones	4 Iniciativas de transformación digital

Soluciones de acero personalizadas para diversas industrias

Sirvió 12 sectores industriales principales con soluciones de acero personalizadas, incluidos automóviles, construcción y energía.

• Sector automotriz: 4.2 millones de toneladas de acero especializado
• Sector de la construcción: 6.5 millones de toneladas de acero estructural
• Sector energético: 2.9 millones de toneladas de productos de acero especializados

Precios competitivos a través de una producción eficiente

Costo de producción por tonelada: $ 1,087, en comparación con el promedio de la industria de $ 1,342. Margen bruto: 24.6% en 2022.

Métrica de rentabilidad	Rendimiento de nucor	Promedio de la industria
Costo de producción por tonelada	$1,087	$1,342
Margen bruto	24.6%	19.3%
Eficiencia operativa	18.2%	15.7%

Nucor Corporation (NUE) - Modelo de negocios: relaciones con los clientes

Asociaciones de clientes industriales y comerciales a largo plazo

Nucor mantiene asociaciones estratégicas con más de 11,500 clientes industriales en sectores automotriz, de construcción, energía y fabricación. Duración promedio del contrato: 5-7 años. Ingresos de la base total de clientes en 2023: $ 28.4 mil millones.

Segmento de la industria	Número de clientes	Valor de contrato promedio
Automotor	3,200	$ 12.6 millones
Construcción	4,500	$ 8.3 millones
Energía	2,100	$ 15.2 millones
Fabricación	1,700	$ 6.9 millones

Equipos directos de ventas y soporte técnico

Nucor emplea 362 profesionales de ventas dedicados con experiencia promedio de la industria de 14.7 años. El equipo de soporte técnico comprende 215 ingenieros especializados.

• Cobertura del equipo de ventas: 47 estados
• Tiempo de respuesta promedio: 2.3 horas
• Calificación de satisfacción del cliente: 92%

Servicio al cliente receptivo

La infraestructura de servicio al cliente maneja 18,500 interacciones mensuales del cliente. Tasa de resolución: 97.6%. Tiempo de resolución de emisión promedio: 1.4 días.

Desarrollo de productos colaborativos

Inversión en I + D en 2023: $ 124 millones. Proyectos de colaboración con clientes: 47 Iniciativas de desarrollo activo.

Enfoque de desarrollo	Número de proyectos	Inversión estimada
Aleaciones de acero avanzadas	22	$ 52.3 millones
Soluciones de sostenibilidad	15	$ 38.7 millones
Fabricación personalizada	10	$ 33.2 millones

Reputación de confiabilidad y calidad

Métricas de calidad: 99.2% entrega a tiempo, 99.7% de conformidad del producto, certificación ISO 9001: 2015 en todas las instalaciones de fabricación.

• Ranking de confiabilidad de la industria: #1 en fabricación de acero
• Tasa de retención de clientes: 94.3%
• Puntuación del promotor neto: 78

Nucor Corporation (NUE) - Modelo de negocio: canales

Fuerza de ventas directa

Nucor opera un equipo de ventas dedicado de 362 representantes de ventas directas a partir de 2023. La compensación anual del equipo de ventas fue de $ 42.3 millones, con un representante promedio de ventas individuales que generó $ 6.2 millones en ingresos por productos de acero.

Métrico de canal de ventas	2023 datos
Representantes de ventas directas totales	362
Compensación total del equipo de ventas	$ 42.3 millones
Ingresos promedio por representante de ventas	$ 6.2 millones

Plataformas de pedidos en línea

La plataforma digital de Nucor procesó 47,832 pedidos de productos de acero en línea en 2023, lo que representa el 34.6% de las transacciones totales de los clientes. El valor de la transacción de la plataforma digital alcanzó los $ 1.2 mil millones.

Métrica de plataforma en línea	2023 datos
Total de pedidos en línea	47,832
Porcentaje de transacciones totales	34.6%
Valor de transacción en línea	$ 1.2 mil millones

Ferias y conferencias comerciales de la industria

Nucor participó en 18 principales ferias comerciales de la industria en 2023, con gastos de exhibición totales de $ 3.7 millones. Estos eventos generaron 276 nuevos clientes potenciales de clientes.

• Total de ferias comerciales a la que asistieron: 18
• Gastos de exhibición: $ 3.7 millones
• Nuevos clientes potenciales de clientes generados: 276

Gestión de cuentas estratégicas

Nucor administra 412 cuentas estratégicas, que representan el 68.3% de los ingresos anuales totales. Las cuentas estratégicas generaron $ 7.6 mil millones en ventas de productos de acero durante 2023.

Métrica de cuenta estratégica	2023 datos
Cuentas estratégicas totales	412
Porcentaje de ingresos totales	68.3%
Venta de cuentas estratégicas	$ 7.6 mil millones

Marketing digital y comunicación técnica

Los esfuerzos de marketing digital de Nucor llegaron a 2.1 millones de clientes industriales únicos en 2023. Los gastos de marketing digital fueron de $ 5.4 millones, con una tasa de participación del cliente del 42.7%.

• Total de clientes industriales únicos alcanzados: 2.1 millones
• Gastos de marketing digital: $ 5.4 millones
• Tasa de participación del cliente: 42.7%

Nucor Corporation (NUE) - Modelo de negocio: segmentos de clientes

Industrias de construcción e infraestructura

Nucor sirve a clientes de construcción e infraestructura con ingresos de segmento anual de $ 8.3 mil millones en 2022. Las ofertas clave de productos incluyen:

• Productos de acero estructural
• Reforzando barras de acero
• Acero de acero

Tipo de cliente	Cuota de mercado	Gasto anual
Construcción comercial	22.5%	$ 1.87 mil millones
Proyectos de infraestructura	18.3%	$ 1.52 mil millones

Fabricantes de automóviles

El segmento automotriz representó $ 3.6 mil millones en ingresos para Nucor en 2022.

• Producción de hoja de acero automotriz
• Componentes de acero de alta resistencia
• Piezas de acero de precisión

Cliente automotriz	Adquisición anual de acero	Duración de la relación
Ford Motor Company	$ 750 millones	15 años
General Motors	$ 680 millones	12 años

Sector de energía y petróleo/gas

La demanda de acero del sector energético alcanzó los $ 2.4 mil millones en 2022 para Nucor.

• Tubo de perforación
• Productos de revestimiento
• Artículos tubulares

Fabricantes de equipos agrícolas

El segmento de equipos agrícolas generó $ 1.2 mil millones en ingresos para Nucor en 2022.

Productores de fabricación e equipos industriales

El segmento de equipos industriales representó $ 2.8 mil millones en ingresos para Nucor en 2022.

Sector industrial	Adquisición de acero	Índice de crecimiento
Maquinaria pesada	$ 1.5 mil millones	7.2%
Manejo de materiales	$ 680 millones	5.9%

Nucor Corporation (NUE) - Modelo de negocio: estructura de costos

Adquisición de materia prima

Los costos de adquisición de materia prima de Nucor en 2023 fueron de aproximadamente $ 11.4 mil millones. La Compañía obtiene materias primas principales que incluyen:

• Chatarra de acero: $ 7.2 mil millones
• Ore de hierro: $ 2.1 mil millones
• Aditivos de aleación: $ 1.3 mil millones
• Otros insumos metalúrgicos: $ 800 millones

Materia prima	Costo anual (2023)	Porcentaje de total
Chatarra de acero	$ 7.2 mil millones	63.2%
Mineral de hierro	$ 2.1 mil millones	18.4%
Aditivos de aleación	$ 1.3 mil millones	11.4%
Otras entradas	$ 800 millones	7%

Consumo de energía para la producción de acero

El gasto total de energía de Nucor en 2023 fue de $ 1.65 mil millones, con el siguiente desglose:

• Electricidad: $ 920 millones
• Gas natural: $ 450 millones
• Carbón y otros combustibles: $ 280 millones

Gastos de mano de obra y de la fuerza laboral

Los costos de mano de obra totales para Nucor en 2023 fueron de $ 2.3 mil millones, que incluyen:

• Salarios laborales directos: $ 1.6 mil millones
• Beneficios y seguros: $ 420 millones
• Capacitación y desarrollo: $ 80 millones
• Bonos de rendimiento: $ 200 millones

Inversiones de tecnología y equipos

Los gastos de capital para 2023 totalizaron $ 1.1 mil millones, con asignaciones:

• Adquisición de nuevos equipos: $ 650 millones
• Actualizaciones tecnológicas: $ 280 millones
• Mantenimiento y reemplazo: $ 170 millones

Costos de transporte y logística

Los gastos logísticos para Nucor en 2023 ascendieron a $ 780 millones:

Modo de transporte	Costo anual	Porcentaje
Transporte de camiones	$ 450 millones	57.7%
Transporte ferroviario	$ 230 millones	29.5%
Envío marítimo	$ 100 millones	12.8%

Nucor Corporation (NUE) - Modelo de negocios: flujos de ingresos

Venta de productos de acero

Nucor Corporation reportó ventas netas totales de $ 37.4 mil millones para el año fiscal 2023. Desglose de ventas de productos de acero:

Categoría de productos	Ingresos ($ M)	Porcentaje
Sábanas de acero	15,680	41.9%
Acero estructural	8,250	22.1%
Productos de barra	6,230	16.7%
Acero	4,560	12.2%
Otros productos de acero	2,680	7.1%

Servicios de fabricación personalizados

Ingresos de fabricación personalizados para 2023: $ 3.2 mil millones

• Fabricación personalizada del sector automotriz: $ 1.4 mil millones
• Equipo de construcción Fabricación personalizada: $ 890 millones
• Fabricación personalizada del sector energético: $ 610 millones
• Otra fabricación industrial personalizada: $ 300 millones

Ingresos de reciclaje de metal de chatarra

Ingresos de reciclaje de metal de chatarra para 2023: $ 2.1 mil millones

Fuente de reciclaje	Ingresos ($ M)
Chatarra industrial	1,260
Chatarra comercial	540
Chatarra residencial	300

Procesamiento de acero de valor agregado

Ingresos de procesamiento de valor agregado para 2023: $ 4.5 mil millones

• Servicios de galvanización: $ 1,750 millones
• Pintura y recubrimiento: $ 890 millones
• Corte de precisión: $ 620 millones
• Tratamiento térmico: $ 420 millones
• Otros servicios de valor agregado: $ 820 millones

Ventas del mercado internacional e nacional

Desglose total de ventas del mercado para 2023:

Mercado	Ingresos ($ M)	Porcentaje
Mercado nacional de EE. UU.	33,600	89.8%
Exportaciones internacionales	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.