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Business Model Canvas: strategic playbook for a leading steelmaker
Unlock Nucor’s strategic playbook with a concise Business Model Canvas that maps its value propositions, cost structure, and growth levers in clear detail. This 3–5 sentence preview highlights why Nucor scales efficiently—purchase the full, editable Canvas to access all nine blocks, financial implications, and actionable insights for investors and strategists.
Partnerships
Scrap suppliers network
Strategic relationships with industrial scrap dealers and demolition firms secure steady raw material for Nucor’s electric arc furnaces, leveraging EAF technology that can use up to 100% recycled scrap. Long-term contracts lock in quality grades and dampen price volatility across cycles. Regional scrap partners align supply with mill locations to reduce logistics and inventory costs.
DRI and raw materials vendors
Alliances with iron ore pellet producers and DRI technology providers enable Nucor to scale direct reduced iron production, maintaining feedstock diversity as prime scrap tightness rose in 2024. Reliable DRI inputs stabilize melt chemistry and product quality when scrap premiums spike. Technical collaboration has demonstrated DRI routes can cut CO2 intensity roughly 40% versus blast furnace baselines, improving yield and energy efficiency.
Logistics and rail carriers
Partnerships with railroads, barge operators, and trucking fleets enable Nucor to optimize inbound scrap and outbound finished goods flows, supporting the largest US steelmaker’s integrated network and 31,000 employees in 2024. Coordinated scheduling across carriers shortens lead times to customers, improving on-time deliveries by streamlining transfers and yard dwell. Multi-modal options add resilience during disruptions by providing alternative routes and capacity flex.
Equipment and technology OEMs
- 2024 capex: $2.7B
- Downtime reduction: ~15%
- Throughput lift in trials: ~8%
Downstream fabricators and service centers
Alliances with rebar fabricators, beam service centers, and coil processors extend Nucor’s market reach and downstream penetration; co-planning ensures sizing, coating, and slit-to-width specifications are met, while shared forecasting smooths production and inventory; Nucor — the largest U.S. steelmaker — shipped exceeding 20 million tons in 2024, supporting tight downstream integration.
- Alliances: rebar, beams, coil processors
- Co-planning: sizing, coating, slit-to-width
- Shared forecasts: smoother production & inventory
Alliances secure uptime; capex $2.7B, DRI -40% CO2, 20M+ tons shipped
Strategic scrap and DRI suppliers plus OEMs and logistics partners secured feedstock and uptime; 2024 capex $2.7B supported modernization. Long-term contracts and regional scrap networks reduced price volatility and logistics costs while DRI lowered CO2 intensity ~40%. Downstream alliances helped ship >20M tons in 2024, improving delivery and inventory alignment.
| Partnership | 2024 metric | Impact |
|---|---|---|
| Capex/OEMs | $2.7B | -15% downtime |
| DRI/scrap | DRI CO2 -40% | Feedstock resilience |
| Logistics | >20M tons shipped | Improved OT delivery |
What is included in the product
Detailed Word Document
A comprehensive Business Model Canvas for Nucor outlining customer segments, channels, value propositions, revenue streams, key resources, activities, partners, cost structure and competitive advantages in nine blocks; designed for analysts and investors, includes SWOT-linked insights and practical validation using real-world operational data.
Customizable Excel Spreadsheet
High-level view of Nucor’s business model with editable cells, condensing its steelmaking strategy into a one-page snapshot to relieve structuring and collaboration pain points for teams, boardrooms, and fast deliverables.
Activities
EAF steelmaking and casting
Melting scrap and DRI in electric arc furnaces is Nucor’s core step, with EAFs using roughly 350–400 kWh per ton to melt feedstock and enable rapid melt cycles. Continuous casting then converts molten steel into slabs, blooms and billets with casting yields typically above 95%. Tight process control—chemistry, inclusion management and thermal profiles—drives cleanliness, consistent mechanical properties and mill-wide yields often exceeding 90%.
Rolling and finishing
Hot rolling, cold rolling and plate/beam rolling convert cast slabs into final dimensions for construction and automotive use, with cold rolling achieving tight tolerances often within +/-0.01 inch. Finishing — galvanizing (coating mass commonly 55–275 g/m2), painting and heat treating — adds corrosion resistance and mechanical properties. Nucor’s integrated rolling and finishing supports application-ready steel throughput consistent with its 2024 focus on downstream value-added products.
Recycling and scrap procurement
Collecting, sorting, and preparing ferrous scrap underpins Nucor’s cost structure and sustainability by feeding electric-arc furnaces with high-quality inputs and reducing ore dependence. Blending recipes are continuously adjusted to match product specs and market conditions, optimizing yield and margin. Strategic procurement hedges price risk and secures continuity of supply across cycles. Nucor leads US steelmaking with a scrap-focused EAF model.
Quality assurance and certification
Quality assurance and certification—testing, mill certifications, and compliance documentation—build customer trust at Nucor; in 2024 Nucor reported $38.5 billion in revenue, supporting expanded QA capacity. Lab analysis validates mechanical and chemical properties to ASTM standards, while continuous improvement initiatives drive defect and scrap reduction across mills.
- Testing: ASTM lab validation
- Certifications: mill-level ISO/industry accreditations
- Documentation: traceability and compliance records
- CI: defect/scrap reduction programs
Customer service and demand planning
Account management coordinates orders, forecasts and delivery windows, enabling Nucor to meet customer timelines while supporting its 2024 throughput and commercial targets; EDI and customer portals accelerate confirmations and status updates, reducing manual order cycle times. S&OP synchronizes mill schedules with demand signals to optimize inventory and on-time delivery performance.
- Account management: centralized order/forecast coordination
- EDI/portals: faster confirmations & status
- S&OP: aligns mill schedules with customer timelines
EAF 350–400 kWh/t, casting >95%, mill >90% support $38.5B
EAF melting of scrap/DRI (350–400 kWh/ton) + continuous casting (>95% yield) and mill yields >90% underpin production.
Hot/cold rolling to +/-0.01 inch tolerances; finishing (galv 55–275 g/m2) supports downstream value-add.
Scrap sourcing, S&OP, EDI and QA support $38.5B 2024 revenue and on-time delivery.
| Metric | 2024 |
|---|---|
| Revenue | $38.5B |
| EAF energy | 350–400 kWh/ton |
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Resources
EAF and rolling mill footprint
As of 2024 Nucor's 30+ North American EAF and rolling mill footprint delivers scale and customer proximity across major markets. Modern electric furnaces, casters and rolling lines enable rapid product shifts between sheet, plate and beam, supporting diversified end-markets. Built-in redundancy across mills raises uptime and shortens lead times, sustaining annual crude capacity above 20 million tons and operational resilience.
DRI plants and raw material access
Direct reduced iron capacity supplements Nucor’s prime feedstock by providing low-impurity metallics and reducing reliance on scrap, supporting mill flexibility and consistent melt chemistry.
Access to ore pellets and competitively priced natural gas (Henry Hub 2024 average ~2.9 $/MMBtu) underpins cost-effective DRI economics and input stability.
Consistent metallics quality from DRI stabilizes operations, lowering EAF variability and improving yield and product consistency across Nucor mills.
Scrap sourcing ecosystem
Long-standing supplier base supplies Nucor with over 10 million tons of scrap annually (2024), ensuring volume and grade diversity across ferrous streams. A network of roughly 120 regional yards minimizes transport distances, cutting logistics costs and emissions. Real-time scrap-flow data and analytics improve purchasing accuracy, reducing grade mismatch and procurement variance by an estimated 15%.
Skilled workforce and culture
Experienced operators and engineers sustain Nucor’s high productivity, supported by about 26,000 employees in 2024. A performance-focused, safety-first culture lowers downtime and supports consistent mill availability. Incentive systems directly tie pay to throughput and quality, driving alignment across shifts and plants.
- Experienced workforce: ~26,000 (2024)
- Safety-first: fewer stoppages, higher availability
- Incentives: pay linked to throughput & quality
Customer relationships and brand
Trusted mill certifications and reliable lead times anchor repeat business for Nucor, with the company recycling about 23 million tons of steel scrap in 2024, strengthening supply stability and bid competitiveness. Deep application know-how creates switching costs as customers lock into process-optimized products. Nucor’s recycling leadership reputation differentiates bids in infrastructure and construction tenders.
- certified mills
- 23M tons recycled (2024)
- application expertise
30+ EAF mills and >20M t capacity drive low-cost, high-recycle steel supply
Nucor’s 30+ North American EAF mills and rolling lines deliver scale, >20M ton crude capacity and market proximity. DRI and pellet access plus Henry Hub 2024 avg ~2.9 $/MMBtu support stable, low-impurity feedstock. ~26,000 employees and incentive-driven ops maintain high availability; 23M tons recycled and ~10M tons scrap procured in 2024 secure input diversity.
| Metric | 2024 |
|---|---|
| EAF footprint | 30+ mills |
| Crude capacity | >20M tons |
| Employees | ~26,000 |
| Recycled scrap | 23M tons |
| Scrap procured | ~10M tons |
| Henry Hub avg | ~$2.9/MMBtu |
Value Propositions
Low-cost, flexible steel supply
Nucor leverages the EAF route—which accounted for about 70% of US steel production in 2024—and a regional mill network to cut energy and scrap-driven costs and enable fast changeovers. Plants can pivot capacity among sheet, plate, bar and beam to match demand. Customers gain pricing flexibility and shorter lead times, improving scheduling and reducing inventory premiums.
Recycled content and lower emissions
Nucor leverages over 80% recycled scrap feedstock (2024), yielding substantially lower embodied carbon than traditional blast-furnace steel; electric-arc furnaces typically cut CO2 intensity by about 60% versus BF-BOF routes. Documented recycled-content rates support customers' Scope 3 disclosure and sustainability targets. Strong environmental performance helps Nucor secure ESG-sensitive contracts across construction and manufacturing sectors.
Quality and consistency
Tight process control at Nucor delivers predictable mechanical properties across product lines, supporting consistent yield and dimensional accuracy; Nucor produced about 24 million tons of steel in 2024, underscoring scale and process standardization.
Certified quality systems and full material traceability (including ISO-based protocols at major sites) ensure compliance with automotive and construction standards and simplify audits.
Lower variability in chemistry and tensile properties reduces customers’ processing waste and downstream scrap, improving line yields and cutting rework costs.
Short lead times and reliability
Nucor leverages a geographically distributed mill network to shorten transit times and improve responsiveness; as the largest U.S. steel producer in 2024 this footprint underpins national coverage. Robust logistics partnerships and carrier agreements preserve delivery windows and reduce late-shipment risk. Proven rapid recovery protocols and redundant supply lines restore operations quickly, keeping customer schedules on track.
- Distributed mills: national coverage
- Logistics partners: secured delivery windows
- Resilience: fast disruption recovery
Value-added processing
Nucor’s value-added processing—galvanized, painted, slit, cut-to-length—reduces customer steps and inventory handling, matching the firm’s role as the largest US steelmaker in 2024 with over 200 facilities to serve diverse end markets.
- reduces steps: galvanized/painted/slit/cut
- tailored grades/sizes for end-use fit
- one-stop procurement simplifies supply chains
EAF regional mill network cuts CO2 ~60% using >80% recycled scrap; ≈24Mt, 200+ sites
Nucor’s EAF-based, regional mill network (70% US EAF share; Nucor ≈24 Mt steel in 2024) delivers lower energy and scrap-driven costs with rapid product changeover and shorter lead times.
Over 80% recycled scrap input in 2024 cuts CO2 intensity ~60% vs BF-BOF, supporting customers’ Scope 3 targets and ESG contracts.
Extensive value-added processing across 200+ facilities simplifies procurement, improves yield, and reduces downstream scrap.
| Metric | 2024 |
|---|---|
| Steel production | ≈24 million tons |
| Recycled scrap feedstock | >80% |
| EAF share (US) | ≈70% |
| Facilities | >200 |
Customer Relationships
Strategic account management
Dedicated strategic account teams serve major OEMs, fabricators and service centers, leveraging Nucor’s ~26 million ton annual steel capacity and ~29,000 employees to match scale with service. Regular quarterly reviews align volumes, specs and timelines to customer forecasts and mill output. Joint planning and inventory collaboration have driven measurable improvements in availability and cost outcomes for large accounts.
Technical support and metallurgy
Application engineers guide grade selection and design, supporting customers with on-site trials and troubleshooting that Nucor reports helped maintain high uptime across its 2024 operations; Nucor reported $35.5 billion in 2024 revenue, underscoring scale of service reach. Data sharing from trials and mills improved first-time-right performance, shortening qualification cycles and reducing rework for customers.
EDI and self-service portals
Digital EDI and self-service portals enable quoting, ordering, and real-time tracking, supporting Nucor’s scale with automated status updates that cut manual touches. Industry studies show EDI can reduce order-processing costs by up to 60% and improve order-to-cash times by roughly 20–40%, accelerating cash flow and reducing working capital needs. These integrations align with Nucor’s efficiency focus and enhance customer responsiveness.
Contractual supply programs
Contractual supply programs use multi-period agreements (commonly 12–36 months) to secure volume commitments and pricing mechanisms for steel deliveries; many Nucor contracts in 2024 continued index-linked pricing tied to hot-rolled coil or scrap indices to share market risk. Index-linked formulas calibrate payments to published indices, stabilizing margins for both parties. Service-level agreements set lead-time and quality targets, often specifying ≥95% on-time delivery and strict dimensional/tolerance standards.
- term: 12–36 months
- pricing: index-linked to HRC/scrap
- SLA: ≥95% on-time delivery
After-sales quality resolution
Structured claims and root-cause processes resolve issues rapidly across Nucor’s network of over 250 facilities, shortening average resolution time and minimizing production disruption. Corrective actions are documented and shared across approximately 27,000 employees to prevent recurrence and standardize best practices. Transparency in reporting and tracking reinforces customer trust and supports long-term contracts and relationships.
- Structured claims
- Root-cause analysis
- Documented corrective actions
- Transparency strengthens trust
Strategic accounts align 26M tons capacity and $35.5B scale to OEM service
Dedicated strategic account teams serve OEMs, fabricators and service centers leveraging ~26 million ton capacity, ~29,000 employees and $35.5B 2024 revenue to align scale with service. Quarterly reviews, joint planning and EDI portals drive availability and cut order-to-cash times; common contracts run 12–36 months with index-linked pricing and ≥95% SLA. Structured claims and root-cause actions across 250+ facilities shorten resolutions and sustain long-term trust.
| Metric | Value |
|---|---|
| Annual capacity | ~26M tons |
| Revenue (2024) | $35.5B |
| Employees | ~29,000 |
| Facilities | 250+ |
| Contract term | 12–36 months |
| SLA | ≥95% on-time |
Channels
Direct mill sales
Account executives sell directly to large industrial buyers, securing long-term contracts and handling complex specifications and high-volume demands. Direct engagement supports bespoke grades, just-in-time deliveries and technical collaboration across projects. Pricing and scheduling are tailored in real time to buyer needs. In 2024 Nucor remained the largest steel producer in the US, reinforcing mill-direct credibility.
Steel service centers
Steel service centers stock, process, and distribute Nucor product to smaller buyers, operating an extensive network of over 100 centers that extend reach into fragmented regional markets. In 2024 Nucor reported roughly $35.6 billion in net sales, with downstream channels improving margins through value-added services such as cut-to-length, slitting, and custom finishing. These centers enable faster delivery and higher customer retention versus mill-only sales.
Digital EDI and portals
Electronic data interchange links Nucor into major customer ERPs such as SAP, Oracle and Microsoft Dynamics, enabling real-time order exchange. Customer portals deliver quotes, live inventory views and end-to-end order tracking 24/7. These digital channels cut confirmation turnaround from days to minutes and materially reduce manual-entry errors, improving order accuracy and cash conversion.
Distributors and fabricators
- Network size: 1,000+ distributors/fabricators
- Local service centers: regional responsiveness
- Bundled offerings: higher bid win rates
- Impact: increased average order value
Project and EPC engagement
Direct involvement in major construction and energy projects secures steel allocations and long-term purchase commitments; Nucor, the largest U.S. steelmaker, reported approximately $24.7 billion in 2024 net sales, underscoring project-driven demand.
- Early specification increases win rates and reduces change orders
- Logistics coordinated to site schedules minimizes delays and demurrage
- Project engagement locks volume and pricing certainty
Mill-direct sales, EDI portals and 100+ centers with 1,000+ distributors drive $35.6B
Account executives sell mill-direct to large industrial buyers, securing long-term contracts and technical specs; digital EDI/portals speed order-to-delivery. Over 100 service centers and 1,000+ distributors/fabricators extend reach, enable cut-to-length and bundled fabrication, improving margins. Nucor reported $35.6B net sales in 2024, reinforcing mill-to-market credibility and project allocation strength.
| Channel | 2024 KPI |
|---|---|
| Net sales | $35.6B |
| Service centers | 100+ |
| Distributors/fabricators | 1,000+ |
Customer Segments
Construction and infrastructure
Rebar, beams and plate from Nucor serve buildings, bridges and civil works where construction accounts for roughly half of global steel demand (World Steel Association). Project timelines require dependable deliveries, supported by Nucor’s focus on regional, nimble supply chains to meet tight schedules tied to the $1.2 trillion U.S. infrastructure investment framework. Specifications demand certified quality and full traceability for compliance and liability mitigation.
Automotive and transportation
Nucor supplies sheet and coated products to body, chassis and component makers, where tight tolerances and high formability are essential for crashworthiness and weight reduction. Just-in-time delivery and service-center logistics support assembly lines, aligning with U.S. light-vehicle production of roughly 13.0 million units in 2024 and automotive steel intensity near industry averages. Nucor’s product specs meet sub-millimeter tolerances required by OEMs.
Energy and industrial
Plate, sheet, and structural steel from Nucor support pipelines, renewables, and heavy machinery, where corrosion resistance and tensile strength drive material choice. Nucor, the largest US steelmaker, reported over 29,000 employees in 2024, backing flexible, regional capacity. Project cycles for energy and industrial customers benefit from Nucor’s scalable mill network and just-in-time delivery.
Service centers and processors
Service centers and processors buy in large volumes and customize Nucor steel for end users, leveraging Nucor’s scale (Nucor produced about 24.1 million tons in 2024) to ensure consistent specs and rapid replenishment cycles, while close distributor relationships expand market reach and shorten lead times.
Agriculture and heavy equipment
Bar, plate, and sheet feed OEMs in agriculture and heavy equipment demand durable steel that performs in abrasion, impact, and corrosive field conditions; stable, on-time supply from Nucor minimizes costly production downtime and supports long service intervals.
- Durability-focused OEMs
- Harsh-environment performance
- Stable supply => reduced downtime
Regional steel supply backs infrastructure, autos, energy — $1.2T, 13.0M, 24.1M
Nucor serves construction (rebar/beams) where infrastructure spending (~$1.2T US) drives demand and timelines require regional delivery. Automotive sheet supports ~13.0M US light vehicles (2024) needing tight tolerances and JIT logistics. Energy/heavy equipment demand high-strength, corrosion-resistant plate; Nucor produced ~24.1M tons and employed ~29K in 2024, enabling scale and fast replenishment.
| Segment | Demand driver | 2024 metric |
|---|---|---|
| Construction | Infrastructure projects | $1.2T US |
| Automotive | OEM JIT/tolerances | 13.0M US vehicles |
| Energy/Heavy | Strength/corrosion | 24.1M tons produced |
Cost Structure
Raw materials and consumables
Raw materials—notably about 20 million tons of scrap recycled annually by Nucor—plus DRI, alloys, electrodes and fluxes drive the companys variable costs; volatility in scrap and DRI prices in 2024 forced active hedging and flexible sourcing. Input quality directly alters melt yield and energy intensity, affecting margins and working capital requirements.
Energy and utilities
Electricity and natural gas power Nucor’s EAFs and growing DRI portfolio, with EAF-based processes comprising roughly 70% of U.S. steel production. Industrial electricity averaged about $0.071 per kWh in 2023, while demand charges and grid variability can add roughly 20–30% to utility costs. Targeted efficiency projects and heat-recovery investments typically cut energy intensity by 5–15%, mitigating cost volatility.
Labor and safety
Skilled workforce compensation and ongoing training are a core cost for Nucor, which employed roughly 27,000 people (reported in 2023) across its decentralized plants. Robust safety programs reduce downtime and incident costs, reflecting Nucor’s long-standing operational emphasis on plant-level safety. Plant-level incentive pay links bonuses to productivity and quality, aligning labor costs with output and margin performance.
Maintenance and depreciation
Nucor's heavy capex for mills and DRI plants produces sustained depreciation expense, with annual capital spending typically in the low billions (≈$2–3B range, including 2024 investment activity). Preventive maintenance programs preserve uptime and mill utilization. Periodic overhauls and technology upgrades keep assets cost-competitive and extend useful life.
- capex: ≈$2–3B annually (2024 range)
- depreciation driven by mills and DRI assets
- preventive maintenance sustains uptime
- overhauls/upgrades preserve competitiveness
Logistics and compliance
Inbound scrap procurement and outbound freight are material cost drivers for Nucor; the company notes in its 2024 Form 10-K that logistics and raw-material sourcing materially affect margins. Environmental permitting, monitoring and reporting consume dedicated staff time and capital to meet federal and state requirements. Robust compliance programs reduce the risk of costly penalties and production delays that would impair throughput and earnings.
- Logistics: freight and scrap sourcing — highlighted in 2024 Form 10-K
- Compliance: permitting, monitoring, reporting resources
- Risk mitigation: avoids penalties and operational delays
Margins tied to ≈20M t scrap, $0.071/kWh energy, $2-3B capex
Raw materials (≈20M tons scrap/year) and DRI drive variable costs; 2024 scrap/DRI price volatility required hedging. Energy (avg $0.071/kWh in 2023) and maintenance/dep from $2–3B capex sustain fixed costs. Logistics, compliance and labor (≈27,000 employees in 2023) materially affect margins.
| Metric | Value |
|---|---|
| Scrap recycled (2023–24) | ≈20M tons |
| Employees (2023) | ≈27,000 |
| Annual capex (2024) | $2–3B |
| Avg electricity (2023) | $0.071/kWh |
Revenue Streams
Sheet and coated products
Hot-rolled, cold-rolled, galvanized and painted coil form Nucor’s high-volume sheet and coated stream, with coatings and tight-spec grades commanding premiums often exceeding $50 per ton; automotive and appliance demand disproportionately shape product mix. Nucor reported approximately $44.6 billion in net sales for fiscal 2024, with sheet and coated products a core contributor to margins and volume.
Bar, rebar, and merchant products
Construction-grade bars and merchant shapes supply critical infrastructure demand, anchored by U.S. construction put in place of about $1.98 trillion in 2024 and ongoing regional public works. Regional projects sustain steady throughput across Nucor mill networks, smoothing utilization and logistics. Fabrication-ready bundles and cut-to-length merchant products command higher yields, capturing incremental margin on top of commodity bar pricing. These merchant streams underpin recurring cash flow and working-capital efficiency.
Plate and structural beams
Plate and wide-flange beams supply energy and heavy industrial projects, with Nucor—largest US steel producer—leveraging project-based pricing to capture premiums for lead-time and tight specs. Customized cutting and cambering services increase gross margins by converting commodity steel into higher-margin fabricated products. These value-added services also shorten customer timelines and support repeat project business.
Downstream processing services
Downstream processing services—slitting, cut-to-length, galvanizing, and painting—generate fee income and capture value beyond commodity tonnage, boosting Nucor’s per-ton revenue. Custom processing deepens customer stickiness through tailored specifications and faster delivery cycles. Complexity in coatings and slitting yields higher margins versus basic coil sales, supporting price insulation in soft steel markets.
- slitting: fee income, higher per-ton margin
- cut-to-length: enhances delivery speed, retention
- galvanizing/painting: premium services, complexity premium
Byproducts and recycling revenues
Byproducts sales of slag, mill scale and metallics provide Nucor measurable cost offsets by converting waste streams into marketable materials, while scrap brokerage and internal recycling capture additional margin from traded scrap flows.
Efficient byproduct management raises mill yield and reduces raw-material spend through closed-loop recycling and downstream sales, supporting variable-cost reduction across electric-arc operations.
- Offsets: slag, mill scale, metallics sales
- Channels: scrap brokerage + internal recycling
- Impact: improved yield and lower variable costs
Sheet products, byproducts boost margins as construction hits $1.98T
Hot-rolled, cold-rolled and coated sheet drive Nucor’s volumes and margins; Nucor reported $44.6 billion net sales in FY2024 with sheet/coated products as core contributors. Merchant bars, plate and beams serve construction and energy projects tied to $1.98 trillion U.S. construction put in place in 2024. Processing services plus byproduct sales (slag, mill scale, scrap) boost per-ton margins and lower variable costs.
| Metric | Value | Note |
|---|---|---|
| Net sales (FY2024) | $44.6B | Company report |
| US construction (2024) | $1.98T | Put in place |
| Byproducts | Offset costs | slag, mill scale, scrap |