Mueller Industries manufactures copper, brass, and aluminum products for the construction, HVAC, refrigeration, and plumbing markets. Core products — copper tube and fittings, brass rod, and refrigeration valves — are used in the mechanical systems of residential and commercial buildings, making housing starts, commercial construction, and repair/remodeling activity the primary demand drivers. Mueller sells to plumbing and refrigeration wholesalers, building materials retailers, and OEMs across HVAC, automotive, and industrial markets, primarily through its own sales and distribution organization. Mueller operates through three segments: Piping Systems (copper tube, fittings, and line sets), Industrial Metals (brass rod, forgings, impact extrusions, and wire and cable), and Climate (refrigeration valves, A/C components, and flexible duct). Mueller's business model centers on converting raw metals into fabricated products at a margin over raw material cost. Because copper prices are volatile and visible, selling prices tend to move with copper, so Mueller earns a relatively stable conversion margin rather than taking directional bets on the metal itself. Higher-value specialty products like precision tube, forgings, and valves carry better margins than commodity copper tube. Mueller has grown through bolt-on M&A, recently acquiring Nehring Electrical Works to enter wire and cable and energy infrastructure, and Elkhart Products to expand copper fittings. Mueller has also pruned non-core assets, divesting its PEX-related businesses to sharpen focus on copper, brass, and aluminum fabrication.