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Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.21.1
REVENUES
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract] Ìý
Revenues
NOTE 4 - REVENUES
We generate our revenue through product sales, in which shipping terms generally indicate when we have fulfilled our performance obligations and transferred control of products to our customer. Our revenue transactions consist of a single performance obligation to transfer promised goods. Our contracts with customers usually define the mechanism for determining the sales price, which is generally fixed upon transfer of control, but the contracts generally do not impose a specific quantity on either party. Quantities to be delivered to the customer are generally determined at a point near the date of delivery through purchase orders or other written instructions we receive from the customer. Spot market sales are made through purchase orders or other written instructions. We consider our performance obligation to be complete and recognize revenue when control transfers in accordance with shipping terms.
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring product. We reduce the amount of revenue recognized for estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized. Payment terms are consistent with terms standard to the markets we serve. Sales taxes collected from customers are excluded from revenues.
Prior to the AM USA Transaction, we had a supply agreement with ArcelorMittal USA, which included supplemental revenue or refunds based on the HRC price in the year the iron ore was consumed in ArcelorMittal USA's blast furnaces. As control transferred prior to consumption, the supplemental revenue was recorded in
accordance with Topic 815. All sales occurring subsequent to the AM USA Transaction are intercompany and eliminated in consolidation. For the three months ended MarchÌý31, 2020, we had a derivative loss of $26Ìýmillion included within Revenues related to Topic 815 for the supplemental revenue portion of the supply agreement.
The following table represents our Revenues by market:
(In Millions)
Three Months Ended
March 31,
2021 2020
Steelmaking:
Automotive $ 1,287Ìý $ 102Ìý
Infrastructure and manufacturing 954Ìý 39Ìý
Distributors and converters 1,248Ìý 52Ìý
Steel producers
 430 144Ìý
Total Steelmaking 3,919Ìý 337Ìý
Other Businesses:
Automotive 105Ìý 16Ìý
Infrastructure and manufacturing 10Ìý 4Ìý
Distributors and converters 15Ìý 2Ìý
Total Other Businesses 130Ìý 22Ìý
Total revenues $ 4,049Ìý $ 359Ìý
The following table represents our Revenues by product line:
(Dollars In Millions, Sales Volumes in Thousands)
Three Months Ended
March 31,
2021 2020
Revenue
Volume1
Revenue
Volume1
Steelmaking:
Hot-rolled steel $ 895Ìý 1,182Ìý $ 19Ìý 31Ìý
Cold-rolled steel 632Ìý 748Ìý 28Ìý 40Ìý
Coated steel 1,308Ìý 1,369Ìý 90Ìý 99Ìý
Stainless and electrical steel 363Ìý 167Ìý 56Ìý 27Ìý
Plate steel 244Ìý 275Ìý —Ìý —Ìý
Other steel products 289Ìý 403Ìý —Ìý —Ìý
Iron products 70Ìý 600Ìý 142Ìý 1,351Ìý
Other 118Ìý N/A 2Ìý N/A
Total steelmaking 3,919Ìý 337Ìý
Other Businesses:
Other 130Ìý N/A 22Ìý N/A
Total revenues $ 4,049Ìý $ 359Ìý
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.