This article comprises an extract of s4.3 Value Chain Issue Group section of the Steel - Framing the Future report. The extract includes an executive summary and introduction to the section. The full section contains an analysis of the steel construction value chain with reference to cost, time and risk for each parameter assessed. Case studies are used to produce an empirical and factual analysis, similar to a benchmarking analysis. The characteristics of the value chain are outlined and opportunities identified for restructuring of the construction process to deliver improved participant value. Steel - Framing the Future, The Warren Centre, 2007. Full report available for purchase at http://purl.library.usyd.edu.au/sup/9781920898786 (hard copy) or http://purl.library.usyd.edu.au/sup/9781920898793 (CDROM).