|
Our results by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Year Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
| Revenues: |
|
|
|
|
|
| Steelmaking |
$ |
19,901Ìý
|
|
|
$ |
4,965Ìý |
|
|
$ |
1,990Ìý |
|
| Other Businesses |
543Ìý
|
|
|
389Ìý |
|
|
—Ìý |
|
| Total revenues |
$ |
20,444Ìý
|
|
|
$ |
5,354Ìý |
|
|
$ |
1,990Ìý |
|
|
|
|
|
|
|
| Adjusted EBITDA: |
|
|
|
|
|
| Steelmaking |
$ |
5,422Ìý
|
|
|
$ |
433Ìý |
|
|
$ |
636Ìý |
|
| Other Businesses |
9Ìý
|
|
|
47Ìý |
|
|
—Ìý |
|
| Corporate and eliminations |
(169) |
|
|
(127) |
|
|
(111) |
|
| Total Adjusted EBITDA |
$ |
5,262Ìý
|
|
|
$ |
353Ìý |
|
|
$ |
525Ìý |
|
The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Year Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
| Net income (loss) |
$ |
3,033Ìý
|
|
|
$ |
(81) |
|
|
$ |
293Ìý |
|
| Less: |
|
|
|
|
|
| Interest expense, net |
(337) |
|
|
(238) |
|
|
(101) |
|
| Income tax benefit (expense) |
(773) |
|
|
111Ìý |
|
|
(18) |
|
| Depreciation, depletion and amortization |
(897) |
|
|
(308) |
|
|
(85) |
|
|
5,040Ìý
|
|
|
354Ìý |
|
|
497Ìý |
|
| Less: |
|
|
|
|
|
EBITDA from noncontrolling interests1
|
75Ìý
|
|
|
56Ìý |
|
|
—Ìý |
|
| Gain (loss) on extinguishment of debt |
(88) |
|
|
130Ìý |
|
|
(18) |
|
| Severance costs |
(15) |
|
|
(38) |
|
|
(2) |
|
| Acquisition-related costs excluding severance costs |
(5) |
|
|
(52) |
|
|
(7) |
|
| Acquisition-related loss on equity method investment |
(31) |
|
|
—Ìý |
|
|
—Ìý |
|
| Amortization of inventory step-up |
(161) |
|
|
(96) |
|
|
—Ìý |
|
| Impact of discontinued operations |
3Ìý
|
|
|
1Ìý |
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Adjusted EBITDA |
$ |
5,262Ìý
|
|
|
$ |
353Ìý |
|
|
$ |
525Ìý |
|
|
|
|
|
|
|
1 EBITDA of noncontrolling interests includes the following:
|
|
|
|
|
|
| Net income attributable to noncontrolling interests |
$ |
45Ìý
|
|
|
$ |
41Ìý |
|
|
$ |
—Ìý |
|
| Depreciation, depletion and amortization |
30Ìý
|
|
|
15Ìý |
|
|
—Ìý |
|
| EBITDA of noncontrolling interests |
$ |
75Ìý
|
|
|
$ |
56Ìý |
|
|
$ |
—Ìý |
|
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Year Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
| Depreciation, depletion and amortization: |
|
|
|
|
|
| Steelmaking |
$ |
855Ìý
|
|
|
$ |
276Ìý |
|
|
$ |
80Ìý |
|
| Other Businesses |
37Ìý
|
|
|
27Ìý |
|
|
—Ìý |
|
| Corporate |
5Ìý
|
|
|
5Ìý |
|
|
5Ìý |
|
| Total depreciation, depletion and amortization |
$ |
897Ìý
|
|
|
$ |
308Ìý |
|
|
$ |
85Ìý |
|
|
|
|
|
|
|
Capital additions1:
|
|
|
|
|
|
| Steelmaking |
$ |
787Ìý
|
|
|
$ |
436Ìý |
|
|
$ |
687Ìý |
|
| Other Businesses |
52Ìý
|
|
|
45Ìý |
|
|
—Ìý |
|
| Corporate |
18Ìý
|
|
|
2Ìý |
|
|
3Ìý |
|
| Total capital additions |
$ |
857Ìý
|
|
|
$ |
483Ìý |
|
|
$ |
690Ìý |
|
|
|
|
|
|
|
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
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|