Steelcase designs and manufactures furniture and workspace products for the commercial office market, selling desks, seating, storage, tables, and architectural products like partitions and acoustic pods to corporations, government agencies, educational institutions, and healthcare organizations. Steelcase sells almost entirely through a network of roughly 790 independent and company-owned dealers worldwide, who handle local delivery and installation while Steelcase's own sales reps support on large accounts. The customer base is highly fragmented, with the top five customers accounting for only about 6% of revenue. Steelcase operates two segments: Americas (~78% of FY25 revenue), which is the profitable core of the business, and International (~22%), which has been structurally unprofitable due to weak demand across Western Europe and Asia Pacific. Most products are made to order with four-to-six week lead times, so revenue tracks closely with order patterns. Purchased materials — primarily steel, plastics, foam, aluminum, and wood — make up about 57% of cost of sales, making margins sensitive to commodity and freight costs. Roughly 38% of U.S.-sold products are manufactured outside the U.S., predominantly in Mexico, creating meaningful tariff exposure. Beyond its traditional large corporate base, Steelcase is investing in education (Smith System for K-12), healthcare, and small/midsize businesses (AMQ brand), and sees India as a standout international growth market. The company is also implementing a new cloud-based ERP system targeting go-live in calendar 2026.