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Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.24.2
REVENUES
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract] Ìý
REVENUES
NOTE 3 - 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.
The following table represents our Revenues by market:
Three Months Ended
June 30,		 Six Months Ended
June 30,
(In millions) 2024 2023 2024 2023
Steelmaking:
Direct automotive $ 1,460Ìý $ 1,980Ìý $ 3,077Ìý $ 3,850Ìý
Infrastructure and manufacturing 1,421Ìý 1,591Ìý 2,813Ìý 2,888Ìý
Distributors and converters 1,402Ìý 1,441Ìý 2,814Ìý 2,699Ìý
Steel producers
 632Ìý 796Ìý 1,238Ìý 1,497Ìý
Total Steelmaking 4,915Ìý 5,808Ìý 9,942Ìý 10,934Ìý
Other Businesses:
Direct automotive 148Ìý 143Ìý 288Ìý 282Ìý
Infrastructure and manufacturing 10Ìý 10Ìý 20Ìý 20Ìý
Distributors and converters 19Ìý 23Ìý 41Ìý 43Ìý
Total Other Businesses 177Ìý 176Ìý 349Ìý 345Ìý
Total revenues $ 5,092Ìý $ 5,984Ìý $ 10,291Ìý $ 11,279Ìý
The following tables represent our Revenues by product line:
Three Months Ended
June 30,		 Six Months Ended
June 30,
(In millions) 2024 2023 2024 2023
Steelmaking:
Hot-rolled steel $ 1,115Ìý $ 1,357Ìý $ 2,243Ìý $ 2,478Ìý
Cold-rolled steel 711Ìý 748Ìý 1,460Ìý 1,387Ìý
Coated steel 1,546Ìý 1,789Ìý 3,169Ìý 3,406Ìý
Stainless and electrical steel 480Ìý 615Ìý 941Ìý 1,189Ìý
Plate 317Ìý 399Ìý 650Ìý 730Ìý
Slab and other steel products 318Ìý 366Ìý 653Ìý 693Ìý
Other 428Ìý 534Ìý 826Ìý 1,051Ìý
Total Steelmaking 4,915Ìý 5,808Ìý 9,942Ìý 10,934Ìý
Other Businesses:
Other 177Ìý 176Ìý 349Ìý 345Ìý
Total revenues $ 5,092Ìý $ 5,984Ìý $ 10,291Ìý $ 11,279Ìý