Nucor Corporation (NUE): Business Model Canvas [Dec-2025 Updated]

You're looking at Nucor Corporation (NUE) and wondering how they consistently lead in a notoriously cyclical industry; well, after spending two decades analyzing heavy industry, I can tell you their Business Model Canvas is built on relentless cost control via the Electric Arc Furnace (EAF) model and deep vertical integration. This structure lets them deliver value like sustainable steel while posting consolidated net sales of $8.52 billion in Q3 2025, driven by their massive scrap recycling network and diverse product portfolio spanning sheet to structural steel. If you want the precise, analyst-level breakdown of how their Key Resources, Activities, and Revenue Streams actually line up to create this market advantage, dive into the full canvas below.

Nucor Corporation (NUE) - Canvas Business Model: Key Partnerships

You're looking at the network of alliances Nucor Corporation relies on to keep its massive, efficient steelmaking engine running, especially as it pivots toward specialized, high-growth sectors like nuclear energy. Honestly, these aren't just vendor relationships; they are strategic anchors for future capacity and decarbonization.

The Nuclear Company (TNC) for nuclear-grade steel supply

Nucor Corporation recently formalized a collaboration with The Nuclear Company (TNC) in late September 2025 to shore up the domestic nuclear supply chain. This deal is directly aimed at evaluating steel production that meets the American Society of Mechanical Engineers' NQA-1 certification standards, which are non-negotiable for nuclear-grade components. This partnership supports federal directives aiming for 400 GW of nuclear power capacity by 2050, which includes plans for building 10 large-scale reactors over the next five years. It's about securing a domestic, certifiable manufacturing base for this critical infrastructure.

Technology providers like C3AI for enterprise AI and supply chain optimization

The relationship with C3AI, which started around 2023, is central to optimizing Nucor Corporation's massive operational footprint. They are using C3 AI applications to run data models alongside the physical supply chain to find value in the seams between divisions and customers. This is crucial when you consider Nucor Corporation posted $31 billion in 2024 annual revenue across its 300 facilities and 31 operating divisions. For 2025, the Q3 earnings guidance projects earnings per share in the range of $2.05 to $2.15 per diluted share, showing the immediate pressures the AI tools are helping to manage.

Here's a quick look at the scope of the operation C3AI helps manage:

Major transportation and logistics carriers (e.g., BNSF, Union Pacific)

While specific contracts with BNSF or Union Pacific aren't detailed here, Nucor Corporation's logistics backbone is managed through its wholly-owned subsidiary, The David J. Joseph Company (DJJ). DJJ owns one of the largest independent railcar fleets in North America, which is dedicated to moving scrap and finished steel. This internal capability reduces reliance on external carriers for core material flow, which is a significant competitive advantage when moving materials like scrap metal.

• DJJ operates 70 full-service scrap recycling centers.
• DJJ is a global trader of scrap metal and pig iron.
• The fleet provides railcar leasing and fleet management services.

Network of scrap metal suppliers

Nucor Corporation is North America's largest recycler, which means its supplier network is vast and essential for its Electric Arc Furnace (EAF) process. In 2024, Nucor recycled approximately 18 million tons of ferrous scrap. The prompt suggests a network of over 250 independent scrap metal suppliers, which aligns with the scale required to feed its 26 circular-based steel mills that have an annual capacity exceeding 27 million tons.

Strategic energy providers for EAF power supply

Powering those EAFs requires massive, reliable electricity, so Nucor Corporation is actively partnering for clean energy sources to meet its net-zero goal by 2050. A key strategic move here is the 2023 partnership with fusion energy company Helion, which included a $35MM investment. The goal is to help Helion bring a 500MW fusion power plant online by 2030, which could eventually power a steel mill. Currently, roughly 40% of Nucor Corporation's electricity is already derived from clean sources, powering that EAF process.

Finance: review the capital allocation for the $35MM Helion investment against the 2025 projected CapEx budget by next Tuesday.

Nucor Corporation (NUE) - Canvas Business Model: Key Activities

Nucor Corporation's key activities center on its highly efficient, environmentally conscious steelmaking process, massive recycling footprint, aggressive growth through capital projects, and increasing use of digital tools to refine operations.

High-efficiency Electric Arc Furnace (EAF) steel production

Nucor Corporation operates with a commitment to its core technology, ensuring 100% of its steel is produced in Electric Arc Furnaces (EAF). This allows the company to rapidly flex output based on real-time demand. The environmental benefit is significant; Nucor's GHG intensity is approximately 1/3 the global average of extractive, blast furnace steelmakers for Scopes 1, 2 and 3. For instance, the Nucor Average is 0.76 tons of CO2e per ton of steel, compared to the Global Average of 1.92 tons of CO2e per ton of steel. The company's operational scale is substantial, with 26 U.S.-based steel mills providing approximately 30 million tons of annual steelmaking capacity. In the third quarter of 2025, Nucor reported net sales of $8.52 billion and EBITDA of $1.27 billion, demonstrating the scale of this activity. The company ships a massive volume, with approximately 13,650,000 tons shipped to outside customers in the first six months of 2025.

North America's largest scrap metal recycling and processing

A foundational activity for Nucor Corporation is its role as North America's largest recycler. This activity feeds directly into the EAF process. In 2024, Nucor used approximately 20.3 million net tons of scrap steel to create new products. Furthermore, the company manages its raw material inputs through its vertically integrated raw materials segment, which includes scrap recycling capacity of about 10 million tons annually. Nucor also focuses on waste reuse; they recycle more than 90% of the dust generated from their EAFs. The cost of this primary feedstock is closely tracked; the average scrap and scrap substitute cost per gross ton used in the first six months of 2025 was $398. This recycling focus underpins the high recycled content in its products.

Here is a look at the average recycled content in Nucor Corporation's products based on 2024 data:

Strategic capital projects ramp-up (e.g., new bar mills, Alabama Towers)

Nucor Corporation is executing a multi-year capital investment campaign, with full-year 2025 capital expenditures now expected to be $3.3 billion, up from the prior guidance of $3.0 billion, as some spending was pulled forward. About two-thirds of the 2025 capex is for growth projects. You're seeing several major projects come online, which is key to shifting the product mix to higher-margin offerings. The company is targeting high-growth sectors like electric vehicles and data centers with a total capex plan of $6.5 billion through 2027. The Brandenburg plate mill, for example, achieved record production in Q2 2025, with 25% of shipments being high-margin advanced products.

Key project milestones as of late 2025 include:

• The $3.1 billion sheet mill in Apple Grove, West Virginia, is 2/3 complete and on schedule to begin ramping up by the end of 2026.
• The $350-million Lexington, North Carolina, rebar micro mill rolled its first billet in April 2025, with commercial shipments expected in Q3 2025.
• The new melt shop at the Kingman, Arizona mill (a $100 million investment) is expected to be operational in Q3 2025, adding 630,000 tons of annual capacity.
• Pole production commenced at the Alabama Towers & Structures facility in Q3 2025.
• The company decided to no longer pursue a new Rebar micro mill project in the Pacific Northwest region.

Vertical integration across steel mills, products, and raw materials

Nucor Corporation's structure is inherently vertically integrated, which helps manage raw material risk and capture value across the chain. The raw materials segment, which includes DRI production and scrap processing, is a critical component. The company has over 100 steel products fabrication centers across North America, complementing its 26 U.S.-based steel mills. This integration is reflected in the financial reporting, where segment earnings vary; for instance, the raw materials segment saw increased earnings in Q2 2025 compared to Q1 2025, primarily due to scrap processing operations, though Q3 2025 raw materials segment earnings were lower due to reduced realized pricing. This structure supports a disciplined capital allocation philosophy, maintaining strong investment grade credit ratings (A-/A-/A3 from S&P, Fitch, and Moody's, respectively, as of Q3 2025). The company returned nearly $1 billion to shareholders year-to-date Q3 2025, representing more than 70% of net earnings through the third quarter.

Continuous process and supply chain optimization via AI/ML

Nucor Corporation is actively using enterprise AI and Machine Learning (ML) to drive efficiency, particularly within its complex supply chain. This focus is on finding value in the seams of the process, from raw material to customer delivery. A concrete result from 2024 was a 6% uptick in forecast accuracy 90 days out, which management quantified as the equivalent of about a million tons of ambiguity removed from their 90-day forecast. Key AI applications being deployed include demand forecasting, inventory optimization across divisions, and production scheduling optimization. This technology use is designed to allow teammates more time to proactively solve problems and collaborate, furthering safety and efficiency goals.

Nucor Corporation (NUE) - Canvas Business Model: Key Resources

You're looking at the core assets that make Nucor Corporation a powerhouse in North American steelmaking. These aren't just line items; they are the physical and financial foundations that let Nucor execute its strategy, especially when the market gets choppy.

The sheer scale of Nucor Corporation's physical manufacturing footprint is a primary resource. This is built on their commitment to Electric Arc Furnace (EAF) technology, which is inherently more flexible and less carbon-intensive than traditional integrated mills. As of the latest reports, Nucor operates 26 U.S.-based steel mills, which together provide approximately 30 million tons of annual steelmaking capacity. 100% of Nucor steel is produced in EAFs.

This operational scale is complemented by a massive, vertically integrated raw materials segment, anchored by The David J. Joseph Company (DJJ). DJJ is North America's leading processor and broker of scrap metal and pig iron, a critical input for EAFs. This network is extensive:

• DJJ operates a network of more than 70 scrap metal collection and recycling centers across the United States.
• The company's shredders and equipment can process over 5 million tons of scrap every year.
• Nucor, through DJJ, is the largest purchaser of ferrous scrap in North America.
• In 2007, DJJ brokered over 20 million tons of ferrous scrap.
• DJJ also owns one of the largest independent railcar fleets in North America.

The financial strength underpinning these operations is a defining resource. Nucor Corporation consistently maintains an industry-leading balance sheet, which provides significant flexibility for capital deployment and weathering downturns. Here are the key figures from the end of the third quarter of 2025:

This financial discipline translates directly into superior credit standing. Nucor Corporation holds the strongest credit ratings among North American steel producers, which lowers their cost of capital and signals stability to partners and customers. Their senior unsecured credit ratings as of late 2025 are:

• Standard & Poor's: A-
• Fitch Ratings: A-
• Moody's: A3 (Upgraded from Baa1 in September 2025)

Finally, the human capital and organizational structure are vital, intangible resources. Nucor's highly decentralized, performance-driven teammate culture is a long-standing competitive advantage. The company employs approximately 32,000 skilled and highly efficient teammates. This structure allows for rapid decision-making at the operational level, which is crucial for flexing output in response to real-time demand.

Finance: draft 13-week cash view by Friday.

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.

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:

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:

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:

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:

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:

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.