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Our results by segment are as follows:
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|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
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(In Millions) |
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|
|
Three Months Ended
March 31, |
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|
|
|
|
2021 |
|
2020 |
| Revenues: |
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|
|
|
|
|
|
| Steelmaking |
|
|
|
|
$ |
3,919Ìý
|
|
|
$ |
337Ìý |
|
| Other Businesses |
|
|
|
|
130Ìý
|
|
|
22Ìý |
|
| Total revenues |
|
|
|
|
$ |
4,049Ìý
|
|
|
$ |
359Ìý |
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA: |
|
|
|
|
|
|
|
| Steelmaking |
|
|
|
|
$ |
537Ìý
|
|
|
$ |
44Ìý |
|
| Other Businesses |
|
|
|
|
11Ìý
|
|
|
2Ìý |
|
| Corporate and eliminations |
|
|
|
|
(35) |
|
|
(23) |
|
| Total Adjusted EBITDA |
|
|
|
|
$ |
513Ìý
|
|
|
$ |
23Ìý |
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|
|
|
|
|
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The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
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(In Millions) |
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|
|
Three Months Ended
March 31, |
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|
|
|
|
2021 |
|
2020 |
| Net income (loss) |
|
|
|
|
$ |
57Ìý
|
|
|
$ |
(49) |
|
| Less: |
|
|
|
|
|
|
|
| Interest expense, net |
|
|
|
|
(92) |
|
|
(31) |
|
| Income tax benefit (expense) |
|
|
|
|
(9) |
|
|
51Ìý |
|
| Depreciation, depletion and amortization |
|
|
|
|
(217) |
|
|
(35) |
|
|
|
|
|
|
375Ìý
|
|
|
(34) |
|
| Less: |
|
|
|
|
|
|
|
EBITDA of noncontrolling interests1
|
|
|
|
|
22Ìý
|
|
|
4Ìý |
|
| Gain (loss) on extinguishment of debt |
|
|
|
|
(66) |
|
|
3Ìý |
|
| Severance costs |
|
|
|
|
(11) |
|
|
(19) |
|
| Acquisition-related costs excluding severance costs |
|
|
|
|
(2) |
|
|
(23) |
|
| Amortization of inventory step-up |
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|
|
|
(81) |
|
|
(23) |
|
| Impact of discontinued operations |
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|
|
|
—Ìý
|
|
|
1Ìý |
|
| Total Adjusted EBITDA |
|
|
|
|
$ |
513Ìý
|
|
|
$ |
23Ìý |
|
|
|
|
|
|
|
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1 EBITDA of noncontrolling interests includes $16 million and $3 million for income and $6 million and $1 million for depreciation, depletion and amortization for the three months ended MarchÌý31, 2021 and 2020, respectively.
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The following table summarizes our capital additions by segment:
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|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
2021 |
|
2020 |
Capital additions1:
|
|
|
|
|
|
|
|
| Steelmaking |
|
|
|
|
$ |
133Ìý
|
|
|
$ |
154Ìý |
|
| Other Businesses |
|
|
|
|
11Ìý
|
|
|
3Ìý |
|
| Corporate |
|
|
|
|
18Ìý
|
|
|
1Ìý |
|
| Total capital additions |
|
|
|
|
$ |
162Ìý
|
|
|
$ |
158Ìý |
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1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
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