Dynamic changes in the environment, including increased competition and the need for cooperation, are the main drivers of change in business management. They are the expression of new strategies and business models. Increasing interest in business models derives from treating them as an important instrument for creating values based on a variety of sources. These can be resources, processes, competences and many kinds of innovations. Business model concepts are often a unique architecture and a combination of resources capable of creating value and consequently achieving competitive advantage and generating revenue. The research problem is the structure of business models and their ability to create value. The article presents the results of comparative analysis of business models of two steel companies. The dynamics of changes in business models in the aspect of innovation implementation was assessed. The antecedents of external and internal creation and application of business models were characterized in the surveyed enterprises. In the analysis and evaluation of business models, quality methods were used to study changes in their structure. BSC-based quantitative methods were used to examine the results of the companies. One of the subjects was the trading and servicing company of metallurgical products, the second was the hot rolled steel products rolling mill. Comparative studies were conducted between 2007 and 2016.Keywords: Business model, steel company, innovations, value
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