Steel Dynamics, Inc. (STLD): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la fabrication d'acier, Steel Dynamics, Inc. (STLD) est une puissance de l'innovation et de l'excellence stratégique, transformant les matières premières en produits en acier de grande valeur qui alimentent les industries du monde entier. En intégrant magistralement les technologies de recyclage avancées, des solutions de fabrication personnalisées et un modèle commercial robuste, la société a élaboré un avantage concurrentiel unique qui entraîne une croissance durable et offre une valeur exceptionnelle à divers secteurs industriels. Cette exploration de la toile du modèle commercial de STLD révèle les mécanismes complexes de leur succès remarquable sur un marché mondial complexe et compétitif.

Steel Dynamics, Inc. (STLD) - Modèle commercial: partenariats clés

Alliances stratégiques avec les fabricants de l'industrie automobile et de la construction

Steel Dynamics a établi des partenariats stratégiques avec les principaux constructeurs automobiles et les chefs de file de l'industrie de la construction. En 2023, la société a signalé des collaborations avec:

Type de partenaire	Nombre de partenariats clés	Valeur annuelle estimée
Constructeurs automobiles	12	487 millions de dollars
Fabricants d'équipements de construction	8	276 millions de dollars

Collaboration avec des fournisseurs de ferraille

Steel Dynamics maintient des partenariats critiques pour l'approvisionnement en matières premières:

• Fournisseurs totaux de ferraille: 47
• Procurement annuel de ferraille: 5,8 millions de tonnes
• Dépenses totales en ferraille: 2,1 milliards de dollars en 2023

Partenariats avec les sociétés de transport et de logistique

Type de partenaire logistique	Nombre de partenaires	Volume de transport annuel
Entreprise de camionnage	23	1,2 million de tonnes
Partenaires de transport ferroviaire	4 principaux réseaux ferroviaires	2,5 millions de tonnes

Coentreprises avec les fournisseurs de technologies

Les partenariats technologiques se concentrent sur l'innovation manufacturière:

• Partenariats technologiques totaux: 6
• Investissement annuel de R&D: 42 millions de dollars
• Domaines d'intervention clés: Automatisation, fabrication de l'IA, maintenance prédictive

Métriques de partenariat agrégées pour la dynamique de l'acier en 2023:

Catégorie de partenariat	Total des partenaires	Impact économique annuel total
Tous les partenariats	95	3,1 milliards de dollars

Steel Dynamics, Inc. (STLD) - Modèle commercial: activités clés

Production et fabrication d'acier

Capacité de production annuelle d'acier de 5,4 millions de tonnes à partir de 2023. Exploite 8 installations de production d'acier à travers les États-Unis. Production de fabrication annuelle totale évaluée à 15,3 milliards de dollars en 2022.

Emplacement de l'installation	Capacité de production (tonnes / an)	Type de produit primaire
Butler, Indiana	2,2 millions	Acier de structure
Pitsburg, Ohio	1,6 million	Acier à plat
Sinton, Texas	1,6 million	Bar structurel et marchand

Recyclage et traitement des métaux ferreux

Traite environ 6 millions de tonnes de ferrailles ferreuses par an. Exploite 15 installations de recyclage des métaux à travers les États-Unis.

• Revenus annuels de traitement des métaux de la ferraille: 3,2 milliards de dollars
• Taux d'efficacité du recyclage: 98,5%
• Réduction des émissions de carbone par recyclage: 1,5 million de tonnes métriques estimées par an

Développement et ingénierie des produits

Investissement en R&D de 124 millions de dollars en 2022. Concentrez-vous sur les technologies de fabrication acier avancées et les solutions de produits innovantes.

Zone de focus R&D	Investissement ($ m)	Cibles d'innovation clés
Alliages en acier avancé	45	Acier automobile à haute résistance
Processus de fabrication	39	Améliorations de l'efficacité énergétique
Technologies durables	40	Production en acier à faible teneur en carbone

Gestion et distribution de la chaîne d'approvisionnement

Maintient 22 centres de distribution à l'échelle nationale. Frais de logistique et de distribution annuels: 512 millions de dollars.

• Flotte totale de transport: 350 camions
• Délai de livraison moyen: 2-3 jours ouvrables
• Couverture de la chaîne d'approvisionnement: 48 États-Unis contigus

Amélioration continue de l'efficacité opérationnelle

Implémentation d'améliorations de l'efficacité opérationnelle, ce qui a entraîné des économies de coûts de 287 millions de dollars en 2022.

Zone d'amélioration de l'efficacité	Économies de coûts ($ m)	Pourcentage d'amélioration
Consommation d'énergie	98	12.5%
Processus de fabrication	112	9.7%
Réduction des déchets	77	8.3%

Steel Dynamics, Inc. (STLD) - Modèle d'entreprise: Ressources clés

Installations de fabrication en acier avancé

Steel Dynamics exploite 8 installations de production d'acier à travers les États-Unis. Capacité de production totale: 5,8 millions de tonnes d'acier par an.

Emplacement	Type d'installation	Capacité annuelle (tonnes)
Butler, Indiana	Aciérial	2,1 millions
Pittsboro, Indiana	Installation de rouleau plat	1,5 million
Columbus, Mississippi	Production d'acier	1,2 million

Une vaste flotte d'équipements de transformation et de transport

La composition de la flotte comprend:

• 87 wagons de train
• 42 camions
• 15 machines de traitement spécialisées en acier

Main-d'œuvre qualifiée

Total des employés: 8 200 en 2023. Déchange de main-d'œuvre:

• Ingénieurs métallurgiques: 320
• Techniciens qualifiés: 1 650
• Travailleurs de production: 5 230

Propriété intellectuelle et capacités technologiques

Portefeuille de brevets:

• 27 brevets de fabrication en acier actif
• Investissement dans la R&D: 42,3 millions de dollars en 2023

Recyclage des infrastructures

Capacités de recyclage:

Recyclage	Capacité de recyclage annuelle	Srap en métal transformé
Centre de recyclage de l'Indiana	3,2 millions de tonnes	2,9 millions de tonnes en 2023
Installation de recyclage du Mississippi	1,8 million de tonnes	1,6 million de tonnes en 2023

Steel Dynamics, Inc. (STLD) - Modèle d'entreprise: propositions de valeur

Produits en acier personnalisés de haute qualité

La dynamique de l'acier produit une gamme de produits en acier d'une capacité de production annuelle de 13 millions de tonnes. Leur précision de produit répond aux normes ASTM et SAE avec une conformité de qualité de 99,8%. L'épaisseur moyenne du produit varie de 0,012 à 0,5 pouces.

Catégorie de produits	Volume de production annuel	Taux de conformité de la qualité
Acier roulé chaud	5,2 millions de tonnes	99.8%
Acier à froid	3,7 millions de tonnes	99.9%
Acier spécialisé	4,1 millions de tonnes	99.7%

Solutions de fabrication rentables

Steel Dynamics maintient une rentabilité opérationnelle avec 620 $ par tonne de coût de production, nettement inférieure à la moyenne de l'industrie de 780 $ la tonne.

• Efficacité énergétique: 15% en dessous de la norme de l'industrie
• Productivité du travail: 22% plus élevé que les concurrents
• Fabrication des frais généraux: 12% inférieur à celui de référence sectorielle

Production durable et respectueuse de l'environnement

La dynamique de l'acier recycle 92% de la ferraille en acier, réduisant les émissions de carbone de 1,5 million de tonnes métriques par an. La réduction totale des gaz à effet de serre équivaut à 67% par rapport aux processus de fabrication d'acier traditionnels.

Portfolio de produits divers desservant plusieurs secteurs industriels

Secteur industriel	Part de marché	Contribution annuelle des revenus
Automobile	28%	1,4 milliard de dollars
Construction	35%	1,75 milliard de dollars
Fabrication	22%	1,1 milliard de dollars
Énergie	15%	750 millions de dollars

Offres en acier innovantes et technologiquement avancées

Steel Dynamics investit 87 millions de dollars par an dans la R&D, développant des notes d'acier avancées avec des ratios de résistance / poids améliorés. Le portefeuille de brevets comprend 42 innovations métallurgiques uniques.

• Développement avancé de l'acier à haute résistance
• Génie métallurgique de précision
• Intégration de la fabrication numérique

Steel Dynamics, Inc. (STLD) - Modèle d'entreprise: relations clients

Accords contractuels à long terme avec des clients industriels

En 2023, Steel Dynamics a déclaré plus de 3 500 contrats industriels actifs avec une durée de contrat moyenne de 3 à 5 ans. La valeur totale du contrat a atteint 1,42 milliard de dollars d'engagements annuels.

Type de contrat	Nombre de contrats	Valeur annuelle
Secteur manufacturier	1,875	624 millions de dollars
Secteur de la construction	1,250	516 millions de dollars
Secteur automobile	375	280 millions de dollars

Support client dédié et assistance technique

La dynamique de l'acier maintient un Équipe de support technique 24/7 avec 142 représentants dédiés au service client.

• Temps de réponse moyen: 17 minutes
• Évaluation de satisfaction du client: 94,3%
• Budget de soutien annuel: 8,6 millions de dollars

Développement de produits personnalisés

En 2023, Steel Dynamics a investi 42,3 millions de dollars dans la recherche et le développement de produits personnalisés, desservant 276 spécifications uniques du client.

Segment de l'industrie	Produits personnalisés développés	Investissement en R&D
Automobile	87	15,2 millions de dollars
Construction	124	18,7 millions de dollars
Équipement industriel	65	8,4 millions de dollars

Communication régulière et résolution de problèmes collaborative

Steel Dynamics organise des réunions trimestrielles d'examen des clients avec 82% de ses 500 principaux clients, ce qui représente 1,1 milliard de dollars de revenus annuels.

Plateformes numériques pour le suivi des commandes et l'engagement client

Statistiques de la plate-forme numérique pour 2023:

• Utilisateurs en ligne: 4 287
• Téléchargements d'applications mobiles: 2 341
• Utilisation du suivi des commandes en temps réel: 76%
• Coût de maintenance annuelle de la plate-forme numérique: 3,2 millions de dollars

Steel Dynamics, Inc. (STLD) - Modèle commercial: canaux

Équipe de vente directe

Steel Dynamics utilise une équipe de vente directe dédiée à 87 représentants commerciaux professionnels à partir de 2023. L'équipe couvre divers segments de marché, y compris les industries de la construction, de l'automobile et de la fabrication.

Canal de vente	Nombre de représentants	Couverture annuelle des revenus
Segment de construction	32	1,2 milliard de dollars
Segment automobile	28	890 millions de dollars
Segment de fabrication	27	750 millions de dollars

Plateformes de vente en ligne

Steel Dynamics exploite une plate-forme de vente numérique B2B complète avec accessibilité 24/7. La plate-forme en ligne a traité 2,3 milliards de dollars de transactions en 2023.

• Plateforme Web lancée en 2019
• Le volume des transactions numériques a augmenté de 37% en glissement annuel
• Valeur de commande en ligne moyenne: 485 000 $

Salons et conférences de l'industrie

La société participe à 14 principaux salons commerciaux de l'industrie chaque année, générant environ 340 millions de dollars d'opportunités de vente directes.

Catégorie de salon	Nombre de spectacles	Ventes potentielles générées
Expositions de fabrication	6	180 millions de dollars
Conférences de construction	5	95 millions de dollars
Événements de l'industrie automobile	3	65 millions de dollars

Marketing et communication numériques

Steel Dynamics investit 4,7 millions de dollars par an dans des stratégies de marketing numérique sur plusieurs plateformes.

• LinkedIn adepte: 62 000
• Visiteurs mensuels du site Web: 185 000
• Taux de conversion du marketing numérique: 3,8%

Réseaux de distributeur et de revendeur

La société entretient des relations avec 126 distributeurs autorisés en Amérique du Nord, générant 1,6 milliard de dollars de ventes annuelles par le biais de ces canaux.

Région	Nombre de distributeurs	Volume des ventes annuelles
Midwest	42	580 millions de dollars
Au sud-est	35	490 millions de dollars
Côte ouest	29	380 millions de dollars
Nord-est	20	150 millions de dollars

Steel Dynamics, Inc. (STLD) - Modèle d'entreprise: segments de clientèle

Constructeurs automobiles

Steel Dynamics sert des constructeurs automobiles avec des offres de produits en acier spécifiques:

Segment de clientèle	Consommation d'acier annuelle	Part de marché
Ford Motor Company	425 000 tonnes	8.7%
General Motors	392 000 tonnes	7.9%
Stelllantis	310 000 tonnes	6.3%

Sociétés de construction et d'infrastructure

Steel Dynamics fournit des produits en acier pour les applications de construction:

• Acier de structure pour les bâtiments commerciaux
• Acier de renforcement pour les projets d'infrastructure
• Grades en acier spécialisés pour la construction de grande hauteur

Segment de construction	Utilisation annuelle de l'acier	Contribution des revenus
Construction commerciale	1,2 million de tonnes	780 millions de dollars
Projets d'infrastructure	850 000 tonnes	525 millions de dollars

Producteurs d'équipements industriels

Dynamique de l'acier fournit des acier spécialisés pour la fabrication industrielle:

Secteur industriel	Spécifications de qualité en acier	Volume annuel
Machinerie lourde	Acier en alliage à haute résistance	275 000 tonnes
Équipement d'exploitation	Acier résistant à l'usure	185 000 tonnes

Fabricants de machines agricoles

Produits en acier pour la fabrication d'équipements agricoles:

• Acier spécialisé pour l'équipement de récolte
• Grades d'acier résistants à la corrosion
• Acier léger à haute résistance

Fabricant d'équipements agricoles	Achat d'acier annuel	Pourcentage des ventes totales
John Deere	165 000 tonnes	3.4%
Cas ih	120 000 tonnes	2.5%

Secteurs de l'énergie et des transports

Steel Dynamics fournit de l'acier spécialisé pour les infrastructures énergétiques:

Sous-secteur de l'énergie	Type de produit en acier	Volume annuel
Pétrole et gaz	Pipe de conduite	350 000 tonnes
Énergie renouvelable	Composants d'éoliennes	95 000 tonnes

Steel Dynamics, Inc. (STLD) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

En 2023, Steel Dynamics a déclaré des coûts d'approvisionnement en matières premières de 7,8 milliards de dollars. La société s'approvisionne sur les matériaux primaires, notamment:

• Ferreuse ferraille
• Minerai de fer
• Additifs en alliage

Type de matériau	Coût d'achat annuel	Pourcentage du coût total
Ferraille	4,2 milliards de dollars	53.8%
Minerai de fer	2,1 milliards de dollars	26.9%
Additifs en alliage	1,5 milliard de dollars	19.3%

Frais de fabrication et de production

Les dépenses de fabrication pour la dynamique de l'acier en 2023 ont totalisé 3,6 milliards de dollars, avec des composants clés, notamment:

• Coûts énergétiques
• Entretien de l'équipement
• Fournitures de production

Catégorie de dépenses	Coût annuel	Pourcentage des frais de production
Énergie	1,2 milliard de dollars	33.3%
Entretien de l'équipement	850 millions de dollars	23.6%
Fournitures de production	1,55 milliard de dollars	43.1%

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

Steel Dynamics a déclaré des frais de main-d'œuvre totaux de 1,9 milliard de dollars en 2023, couvrant:

• Salaire de la main-d'œuvre directe
• Avantages
• Programmes de formation

Catégorie de coût de la main-d'œuvre	Dépenses annuelles	Moyen par employé
Salaire de la main-d'œuvre directe	1,4 milliard de dollars	$85,000
Avantages sociaux	350 millions de dollars	$21,250
Programmes de formation	150 millions de dollars	$9,100

Investissements technologiques et équipements

Les investissements technologiques et d'équipement pour 2023 ont atteint 625 millions de dollars, en se concentrant sur:

• Systèmes d'automatisation
• Technologies de fabrication numérique
• Amélioration de l'équipement

Dépenses de transport et de logistique

Les coûts de transport et de logistique pour la dynamique de l'acier en 2023 étaient de 1,1 milliard de dollars, notamment:

• Camionnage
• Transport ferroviaire
• Expédition

Mode de transport	Coût annuel	Pourcentage de dépenses logistiques
Camionnage	480 millions de dollars	43.6%
Transport ferroviaire	380 millions de dollars	34.5%
Expédition	240 millions de dollars	21.9%

Steel Dynamics, Inc. (STLD) - Modèle d'entreprise: Strots de revenus

Ventes de produits en acier

Au cours de l'exercice 2023, Steel Dynamics a déclaré des ventes nettes totales de 8,3 milliards de dollars. La répartition des ventes de produits en acier comprend:

Catégorie de produits	Revenus ($ m)	Pourcentage
Acier à rouleau plat	3,650	44%
Acier de structure	2,100	25%
Produits en acier	2,550	31%

Services de recyclage des métaux ferreux

La dynamique de l'acier a traité environ 6,5 millions de tonnes de ferraille ferreux en 2023, générant des revenus de recyclage de 1,2 milliard de dollars.

Solutions de fabrication à valeur ajoutée

• Services de fabrication en acier personnalisés
• Couper et traitement de précision
• Fabrication en alliage spécial

Les services à valeur ajoutée ont contribué à environ 650 millions de dollars au total des revenus en 2023.

Développement de produits personnalisés

Segment de l'industrie	Revenus sur les produits personnalisés ($ m)
Automobile	425
Construction	375
Énergie	250

Ventes de marché internationales et nationales

Distribution des ventes pour 2023:

Marché	Revenus ($ m)	Pourcentage
États-Unis nationaux	7,450	90%
Exportations internationales	850	10%

Steel Dynamics, Inc. (STLD) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Steel Dynamics, Inc. (STLD) over the competition as of late 2025. It's all about the product quality, the environmental edge, and the reliability of getting what you need, when you need it. Steel Dynamics, Inc. is one of North America's largest domestic steel producers and metal recyclers, operating with a circular manufacturing model.

The commitment to sustainability is a major draw. Steel Dynamics, Inc. produces lower-carbon-emission, quality steel using electric arc furnace (EAF) technology, with recycled ferrous scrap as the main input. This value proposition is now tangible with the launch of their low-carbon steel products, named BIOEDGE™ and EDGE™, which use EAF technology backed by renewable or emission-free energy certifications. Furthermore, the SDI Biocarbon Solutions team successfully produced its first biocarbon, which was used as a carbon replacement at the Columbus Flat Roll Steel Division, creating a significantly lower-carbon supply chain for customers.

The product portfolio is intentionally diversified, which helps Steel Dynamics, Inc. sustain higher volume and profitability through varying market environments. This diversification spans flat rolled, long products, and steel fabrication. Here's a snapshot of their Q3 2025 performance, which reflects the strength of these segments:

Segment/Metric	Q3 2025 Result	Comparison/Context
Total Net Sales	$4.8 billion	Q3 2025 reported net sales.
Total Steel Shipments	3.6 million tons	Record quarterly steel shipments.
Steel Operations Operating Income	$498 million	30 percent higher than sequential second quarter results.
Steel Fabrication Operating Income	$107 million	Higher than sequential Q2's $93 million due to a twelve percent increase in shipments.
Aluminum Flat Rolled Products	Successful production and qualification	Industrial, beverage can, and automotive quality products qualified sooner than anticipated.

Supply chain reliability is bolstered by strategic integration. Steel Dynamics, Inc. recently completed the acquisition of the remaining 55% equity interest in New Process Steel, L.P., which was their single largest flat roll steel customer. This move expands their exposure to value-added manufacturing opportunities. On the forward-looking side, the order backlog remained solid, extending through the first quarter of 2026, which signals near-term volume certainty for customers.

The push into aluminum is a key differentiator, targeting the countercyclical beverage can market with high-recycled-content flat rolled aluminum products. While the steel mill utilization rate for Q3 2025 isn't explicitly stated as 88%, management has a clear ramp-up plan for the new aluminum segment:

• Exit 2025 utilization rate target: between 40 and 50 percent.
• Exit 2026 utilization rate target: 75 percent.
• Q4 2025 aluminum expectation: Monthly EBITDA breakeven or better, with estimated operating losses of about $40 million.

The overall operational efficiency is implied by strong financial results despite market volatility. For instance, in Q3 2025, the average ferrous scrap cost melted decreased by $27 per ton sequentially, while the average steel selling price only declined by $15 per ton, expanding steel spreads. This shows the benefit of their highly variable cost structure. Finance: draft 13-week cash view by Friday.

Steel Dynamics, Inc. (STLD) - Canvas Business Model: Customer Relationships

You're looking at how Steel Dynamics, Inc. (STLD) keeps its customers locked in, which is key when steel pricing is moving around. Honestly, their approach is less about just selling tons and more about being an embedded supply chain partner. This focus drives their consistent operational performance, like achieving record steel shipments of 3.6 million tons in the third quarter of 2025.

Dedicated sales teams providing differentiated supply chain solutions

Steel Dynamics, Inc. (STLD) uses specialized teams to offer solutions that go beyond standard product delivery. While the most granular data on team size is from 2023, it shows the structure they use to manage relationships across their diverse customer base. They are the largest producer of non-automotive coated flat rolled steel products in North America, which requires a focused sales effort.

• Dedicated direct sales team size (as of 2023): 87 professional sales representatives.
• Customer service team size (as of 2023): 142 dedicated representatives providing 24/7 technical support.
• Average technical support response time: 17 minutes.

This structure helps them maintain an elevated through-cycle utilization rate, which was notably higher than the domestic industry average in Q2 2025.

Long-term contracts and strong customer partnerships (e.g., automotive sector)

Securing future volume through commitments is a clear strategy, especially with major consumers like the automotive sector. Steel Dynamics, Inc. (STLD) has seen its specific automotive customer base remain stable, even as North American automotive production estimates for 2026 were modestly revised downward from 2025 forecasts. They are becoming a supplier of choice for many US-based European and Asian automotive producers because of their superior carbon content capabilities. The trust built through these relationships is evident in the order books; for instance, the order backlog for the steel fabrication operations extends through the first quarter of 2026.

Here's a look at how their operational scale supports these partnerships, using the latest available full-year and quarterly figures:

Metric	Value (Late 2025)	Period/Context
Trailing Twelve Months Revenue	$17.63 Billion USD	As of November 2025
Q3 2025 Net Sales	$4.8 billion	Q3 2025
First Nine Months 2025 Net Sales	$13.8 billion	Year-to-Date
Steel Fabrication Operating Income	$107 million	Q3 2025

Close collaboration for product qualification (e.g., new aluminum products)

The expansion into aluminum flat rolled products requires intense customer collaboration to get products qualified for use, which is a direct measure of relationship depth. Steel Dynamics, Inc. (STLD) shipped its first aluminum flat rolled product coils on June 16, 2025. They have already achieved successful production and qualification of industrial, beverage can, and automotive quality flat rolled aluminum products as of Q3 2025. The ramp-up plan is clearly defined, with management targeting an exit utilization rate of between 40 and 50 percent for aluminum by the end of 2025, and a target of 75 percent utilization in 2026, contingent on product certifications.

This new product line leverages their existing strength in recycling, as they already recycle around half a billion pounds of aluminum per year and have developed new separation technologies.

High-touch service model for value-added steel fabrication products

The value-added segments, like steel fabrication and the new coating lines, rely on a high-touch service model to justify premium pricing and secure customer commitment. The four new value-added steel coating lines, which add 1.1 million tons of higher-margin product diversification, were utilized at an average of 50-55% in Q1 2025, with expectations for full benefit as utilization increases. The high customer satisfaction rating of 94.3% for technical support speaks directly to the service quality embedded in these value-added offerings. This focus on quality and service is what helps their steel mills operate at a notably higher utilization rate of 88% compared to the industry estimate of 78% in 2025.

Finance: draft 13-week cash view by Friday.

Steel Dynamics, Inc. (STLD) - Canvas Business Model: Channels

You're looking at how Steel Dynamics, Inc. gets its products-steel, fabricated components, and now aluminum-into the hands of its customers. This isn't just about shipping; it's about direct engagement, internal processing, and strategic acquisitions that solidify the path to market. The channels for Steel Dynamics, Inc. are deliberately multi-faceted to serve a broad base of industrial and construction consumers across North America.

Direct sales force to large industrial and construction end-users

Steel Dynamics, Inc. relies on its direct sales team to engage with major consumers. The demand driving these sales channels is tied to large-scale projects. For instance, in the third quarter of 2025, order activity remained steady, with the order backlog extending through the first quarter of 2026, supported by stable pricing. Demand during that period was largely driven by the commercial, data center, manufacturing, warehouse, and healthcare sectors. The company is also expanding its reach by offering high recycled-content aluminum solutions to the sustainability-driven beverage can and packaging industry, in addition to the automotive and industrial sectors. The total revenue for Steel Dynamics, Inc. for the trailing twelve months ending in 2025 was $17.63 Billion USD.

Internal Steel Fabrication operations platform for downstream volume support

A key part of the channel strategy is the internal steel fabrication platform, which takes primary steel output and adds value before it reaches the final user, ensuring downstream volume support. This segment shows clear operational metrics:

Metric	Q3 2025	Q2 2025	Q1 2025
Operating Income	$107 million	$93 million	$117 million
Shipment Change (Sequential)	Twelve percent increase	Not specified	Seasonally lower shipments

You can see the quarter-over-quarter movement; Q3 2025 operating income of $107 million was up from Q2 2025's $93 million, driven by that twelve percent increase in shipments. To be fair, Q1 2025 saw a higher operating income of $117 million, but that was impacted by metal spread compression.

Distribution network enhanced by the New Process Steel acquisition

Steel Dynamics, Inc. significantly bolstered its distribution and value-added processing channel by completing the acquisition of the remaining 55% ownership interest in New Process Steel, L.P. on December 1, 2025. This move brought the company to 100% ownership, following an initial 45% stake purchase in 2022. New Process Steel is a metals solutions and distribution supply-chain management company.

• New Process Steel employs approximately 1,275 individuals.
• It operates four manufacturing locations in the U.S. and two in Mexico.
• It was Steel Dynamics, Inc.'s single largest flat roll steel customer prior to full acquisition.
• The acquisition expands exposure to differentiated and higher-margin value-added manufacturing opportunities.

This integration helps Steel Dynamics, Inc. deepen its commercial relationship with a major downstream partner. It's a defintely strategic move to capture more value before the final sale.

Rail, truck, and barge logistics for product shipments across North America

Moving product efficiently across the continent is critical for a company of this scale. Steel Dynamics, Inc. utilizes a mix of transportation modes, including rail, truck, and barge, to manage its shipments across North America. Operational scale supports this logistics requirement. For example, in the third quarter of 2025, the company achieved record steel shipments of 3.6 million tons. In the second quarter of 2025, steel shipments totaled 3.3 million tons, and in the first quarter of 2025, shipments were a record 3.5 million tons. The company's overall net sales for Q3 2025 were $4.8 billion.

Finance: draft 13-week cash view by Friday.

Steel Dynamics, Inc. (STLD) - Canvas Business Model: Customer Segments

You're looking at the core markets Steel Dynamics, Inc. (STLD) serves as of late 2025. The company's revenue base, with net sales reaching $13.8 billion for the first nine months of 2025, is heavily reliant on a diverse set of industrial and construction customers, now augmented by a strategic push into aluminum.

The traditional steel business remains anchored by non-residential construction, which, along with the energy, automotive, and industrial sectors, led overall steel demand in the third quarter of 2025. For the steel fabrication segment specifically, demand in the third quarter of 2025 was supported by the commercial, data center, manufacturing, warehouse, and healthcare sectors. The order backlog for these fabrication services remained solid, extending through the first quarter of 2026. To be fair, the higher-margin, value-added flat rolled steel products-like galvanized and painted steel-already accounted for upwards of 65 percent of steel revenues back in 2024, with further earnings potential expected to materialize throughout 2025 from recently commissioned coating lines.

The automotive and heavy equipment manufacturing sectors are dual customers, consuming both steel products and the newly introduced aluminum flat-rolled products. This expansion into aluminum is a key strategic move, leveraging existing customer relationships, as many flat-rolled steel customers also process aluminum.

The new aluminum focus directly targets the sustainable beverage can and packaging industry, which is described as counter-cyclical and sustainability-driven. Steel Dynamics, Inc. successfully shipped its first aluminum flat-rolled product coils on June 16, 2025, from its Columbus, Mississippi mill, supported by a satellite recycled slab center in San Luis Potosi, Mexico. The company anticipates exiting 2025 with the aluminum segment operating at a utilization rate between 40 and 50 percent.

The customer base spans the U.S. and Mexico, reflecting the geographic footprint of their operations and supply chain, which includes the new aluminum slab center in Mexico.

Here's a quick look at the context surrounding these customer segments as of late 2025:

Metric	Value as of Late 2025	Reference Period/Context
Trailing Twelve Month Revenue	$17.6B	As of September 30, 2025
9-Month 2025 Net Sales	$13.8B	For the nine-months ended September 30, 2025
Q3 2025 Net Sales	$4.8B	Third Quarter 2025
Steel Fabrication Backlog Extends To	Q1 2026	Supported by stable pricing
Anticipated Aluminum Utilization Rate	40 to 50 percent	Exit rate for 2025
Value-Added Steel Revenue Share (Prior Year)	Upwards of 65 percent	Of steel revenues in 2024

Key demand drivers and new market entries include:

• Leading steel demand sectors in Q3 2025: Energy, non-residential construction, automotive, and industrial.
• Steel fabrication demand drivers: Commercial, data center, manufacturing, warehouse, and healthcare.
• New aluminum flat-rolled product markets: Beverage can, packaging, automotive, industrial, and construction.
• Aluminum production milestone: First coils shipped on June 16, 2025.

What this estimate hides is the precise revenue split between the steel and the nascent aluminum segments for 2025, as the aluminum mill is still ramping up utilization. Finance: draft 13-week cash view by Friday.

Steel Dynamics, Inc. (STLD) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Steel Dynamics, Inc. (STLD)'s operations as of late 2025. The business model is heavily weighted toward raw material costs, which is typical for a primary metals producer, but significant capital deployment for growth projects is also a major factor right now.

The most significant variable cost is the raw material for the Electric Arc Furnace (EAF) operations. This cost is highly sensitive to market dynamics. For example, the average ferrous scrap cost per ton melted at the steel mills in the third quarter of 2025 was $381 per ton.

To give you a broader view of the material cost over a longer period, the average for the first nine months of 2025 was $391 per ton melted. This contrasts with the average selling price for steel operations in Q3 2025, which was $1,119 per ton.

Capital spending is another huge component of the cost structure, reflecting the company's aggressive growth strategy, particularly in aluminum. Steel Dynamics, Inc. executives reiterated the 2025 capital investment (capex) plan of between $800 million and $1 billion.

Operating expenses include the necessary labor and energy inputs for the EAF process. While specific labor and energy line items aren't broken out in the latest reports, we can see the scale of the operations being supported by these costs. For instance, the steel operations generated an operating income of $498 million in the third quarter of 2025. Total Operating Expenses for the fiscal quarter ending September 2025 were reported at $4.32 billion.

Fixed overhead costs, like administrative functions, are also material. Selling, General, and Administrative (SG&A) expenses for the twelve months ending September 30, 2025, totaled $0.758 billion.

Financing costs are also on your radar. The actual Interest Expense on Debt for the third quarter of 2025 was $13.57 million. Looking ahead, with the capitalization of interest related to major projects winding down, the run-rate for quarterly interest expense is projected to be closer to $40 million per quarter in Q4 2025.

Here's a quick summary of these key cost structure elements:

• Primary raw material cost (Q3 2025): $381 per ton melted.
• 2025 Capital Expenditure projection: $800 million-$1 billion.
• SG&A for TTM ending Sep 2025: $0.758 billion.
• Steel Operations Operating Income (Q3 2025): $498 million.
• Total Operating Expenses (Q3 2025): $4.32 billion.

You can see the major financial components of the cost structure below:

Cost Category	Specific Metric/Period	Amount
Raw Material Cost (Primary Driver)	Average Ferrous Scrap Cost per Ton Melted (Q3 2025)	$381 per ton
Capital Investment	2025 Projected CapEx	$800 million-$1 billion
Overhead/Administrative	SG&A Expenses (TTM Sep 2025)	$0.758 billion
Financing Cost	Interest Expense on Debt (Q3 2025 Actual)	$13.57 million
Financing Cost Estimate	Estimated Interest Expense on Debt (Q4 2025 Run-Rate)	$40 million

The company's cost structure is definitely dominated by the commodity input, but the high CapEx signals a significant investment phase that will shift the long-term cost and revenue profile, especially with the new aluminum capacity coming online.

Steel Dynamics, Inc. (STLD) - Canvas Business Model: Revenue Streams

You're looking at the core ways Steel Dynamics, Inc. (STLD) brings in money as of late 2025. It's a diversified industrial metals solutions company, but the steel side still drives the bulk of the top line, though new ventures are clearly gaining traction.

The Trailing Twelve Months (TTM) Revenue ending September 30, 2025, was $17.635 billion. This shows the scale of the business over the full year leading up to the third quarter report. For context, the net sales for the third quarter alone were reported at $4.8 billion.

Here's a quick look at some key financial markers around that Q3 2025 period:

Metric	Value	Period/Context
Q3 2025 Net Sales	$4.8 billion	Third Quarter 2025
TTM Revenue	$17.635 billion	Ending September 30, 2025
Steel Operations Operating Income	$498 million	Third Quarter 2025
Steel Fabrication Operating Income	$107 million	Third Quarter 2025
Record Steel Shipments	3.6 million tons	Third Quarter 2025

Steel Operations: Primary Revenue Source from Flat Rolled and Long Products

This remains the bedrock of Steel Dynamics, Inc. (STLD)'s revenue generation. The primary sales come from flat rolled and long products, which saw record activity in the third quarter of 2025. You saw record steel shipments hitting 3.6 million tons in Q3 2025. The average external selling price for the first nine-months of 2025 settled at $1,083 per ton for the steel operations. This segment generated an operating income of $498 million in Q3 2025, up thirty percent sequentially.

Metals Recycling Operations: Sales of Processed Ferrous and Nonferrous Scrap

This stream is a significant competitive advantage, feeding the company's mills and providing external sales. Steel Dynamics, Inc. (STLD) is North America's largest metals recycler, and this segment posted near-record recycling shipments in Q3 2025. The cost side is also important here; the average ferrous scrap cost per ton melted at the mills was stable at $391 per ton for the first nine-months of 2025. This input cost stability helps support margins across the steel and aluminum platforms.

Steel Fabrication Operations: Sales of Steel Joists and Deck Products

Sales from steel joists and deck products form another distinct revenue stream. This segment delivered operating income of $107 million in the third quarter of 2025. Demand here is looking solid, with the order backlog extending through the first quarter of 2026. The sequential volume gains were notable, with shipments rising 12% in Q3 2025.

Aluminum Operations: Emerging Revenue from Flat Rolled Aluminum Products

This is the growth story you need to watch. The Aluminum Dynamics expansion is ramping up faster than initially planned, with successful production and qualification of industrial, beverage can, and automotive quality flat rolled aluminum products in Q3 2025. Management expects to hit monthly EBITDA breakeven in Q4 2025. While the near-term involves startup costs, with Q4 aluminum operations projected to record losses of about $40 million, the long-term capacity is huge. The full facility has a projected annual EBITDA capacity of $650-$700 million.

You should keep an eye on the utilization targets for this emerging stream:

• Management confidence in reaching 75% utilization for aluminum operations by the end of 2026.
• Projected product mix includes 45% can sheet, 35% automotive, and 20% common alloy.
• The facility is designed to offer high recycled-content aluminum solutions.

Finance: draft 13-week cash view by Friday.