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Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.21.2
REVENUES
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract] Ìý
REVENUES
NOTE 4 - REVENUES
We generate our revenue through product sales, in which shipping terms 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 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 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. Included within Revenues related to Topic 815 for the supplemental revenue portion of
the supply agreement is derivative revenue of $9 million and $14Ìýmillion for the three and nine months ended SeptemberÌý30, 2020, respectively.
The following table represents our Revenues by market:
(In Millions)
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2021 2020 2021 2020
Steelmaking:
Automotive $ 1,149Ìý $ 790Ìý $ 3,577Ìý $ 1,201Ìý
Infrastructure and manufacturing 1,603Ìý 190Ìý 3,889Ìý 420Ìý
Distributors and converters 2,447Ìý 135Ìý 5,672Ìý 326Ìý
Steel producers
 670Ìý 391Ìý 1,572 919Ìý
Total Steelmaking 5,869Ìý 1,506Ìý 14,710Ìý 2,866Ìý
Other Businesses:
Automotive 105Ìý 123Ìý 306Ìý 188Ìý
Infrastructure and manufacturing 12Ìý 9Ìý 33Ìý 26Ìý
Distributors and converters 18Ìý 8Ìý 49Ìý 18Ìý
Total Other Businesses 135Ìý 140Ìý 388Ìý 232Ìý
Total revenues $ 6,004Ìý $ 1,646Ìý $ 15,098Ìý $ 3,098Ìý
The following tables represent our Revenues by product line:
(Dollars in Millions, Sales Volumes in Thousands)
Three Months Ended September 30,
2021 2020
Revenue
Volume1
Revenue
Volume1
Steelmaking:
Hot-rolled steel $ 1,800Ìý 1,332Ìý $ 89Ìý 134Ìý
Cold-rolled steel 935Ìý 728Ìý 126Ìý 179Ìý
Coated steel 1,635Ìý 1,291Ìý 604Ìý 656Ìý
Stainless and electrical steel 441Ìý 177Ìý 296Ìý 146Ìý
Plate steel 357Ìý 244Ìý —Ìý —Ìý
Other steel products 374Ìý 381Ìý —Ìý —Ìý
Iron products 252Ìý 1,426Ìý 384Ìý 3,703Ìý
Other 75Ìý N/A 7Ìý N/A
Total Steelmaking 5,869Ìý 1,506Ìý
Other Businesses:
Other 135Ìý N/A 140Ìý N/A
Total revenues $ 6,004Ìý $ 1,646Ìý
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.
(Dollars in Millions, Sales Volumes in Thousands)
Nine Months Ended September 30,
2021 2020
Revenue
Volume1
Revenue
Volume1
Steelmaking:
Hot-rolled steel $ 4,204Ìý 3,900Ìý $ 150Ìý 228Ìý
Cold-rolled steel 2,352Ìý 2,196Ìý 242Ìý 342Ìý
Coated steel 4,338Ìý 3,907Ìý 995Ìý 1,088Ìý
Stainless and electrical steel 1,201Ìý 512Ìý 560Ìý 268Ìý
Plate steel 929Ìý 792Ìý —Ìý —Ìý
Other steel products 1,009Ìý 1,195Ìý —Ìý —Ìý
Iron products 477Ìý 2,875Ìý 903Ìý 8,772Ìý
Other 200Ìý N/A 16Ìý N/A
Total steelmaking 14,710Ìý 2,866Ìý
Other Businesses:
Other 388Ìý N/A 232Ìý N/A
Total revenues $ 15,098Ìý $ 3,098Ìý
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.