Nucor Corporation operates steel mini-mills that recycle scrap metal into new steel products, the largest steel producer in the United States, using electric arc furnace technology rather than the traditional blast furnace process used by older integrated steel producers. Electric arc furnace mini-mills are generally more flexible and lower-cost than traditional integrated steel mills, since they can run on scrap steel rather than requiring iron ore and coal inputs, and they can more easily adjust production levels to match demand. Nucor's vertically integrated operations span steel production, downstream fabrication of steel products, and raw material supply, capturing margin across multiple stages of the steel supply chain rather than just raw steel production. The company's profitability is closely tied to steel prices and demand from construction, automotive and industrial end markets, along with the spread between scrap metal costs and finished steel prices.